SEC Says Securitization of $ 100 Million Auto Loans Fraudulent

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By Katryna Perera (September 24, 2021, 5:36 p.m. EDT) – The United States Securities and Exchange Commission has filed a lawsuit against two former executives of an Illinois-based auto finance company for allegedly misleading investors about subprime auto loans that backed a $ 100 million offer from the company.

The lawsuit was filed in Illinois federal court on Thursday against James Collins and Robert DiMeo, co-founders of Honor Finance LLC, which opened in 2000 and ceased operations in 2018, according to the lawsuit.

The SEC alleges that Collins and DiMeo made false and misleading representations about Honor’s service practices in connection with the offering, Honor Automobile Trust Securitization 2016-1, also known as HATS ….

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