Subprime Auto Lender Co-Founder Pleads Guilty in Fraud Case

A co-founder of Honor Finance LLC has pleaded guilty to mail fraud and reached a settlement with the US Securities and Exchange Commission over a 2016 offering of $100 million of notes backed by subprime auto loans, court records show.

• Robert F. DiMeo pleaded guilty Aug. 11 in federal court in Chicago, leading to a settlement with the SEC on Aug. 22, court records show
• No sentencing date has been set
• DiMeo and his Honor Finance co-founder James R. Collins were accused in 2020 of deceiving investors about the quality of more than 14,000 loans backing the notes, many of ...