Key insight: The SEC is pursuing as securities fraud the same Tricolor conduct that federal prosecutors charged as a fraud against the company's bank lenders.What's at stake: Investors in Tricolor's bonds were still owed about $945 million when the company filed for bankruptcy, and the SEC wants the three executives to give up what they made and pay civil penalties.Supporting data: One lender's August 2025 analysis found about $365.5 million of double-pledged principal across the seven Tricolor bond deals s ...