"President Donald Trump has commuted the prison sentence of former investment manager David Gentile, who was convicted of defrauding investors - the latest in a series of clemency actions Trump has taken in white-collar criminal cases. Gentile had reported to prison on Nov. 14, just days before Trump commuted his sentence, according to a White House official who requested anonymity to provide details of the clemency action."
"But the White House official said GPB Capital had disclosed to investors in 2015 that their capital might go to pay dividends to other investors, which the White House said undercut claims that the company had engaged in a "Ponzi" scheme in which new investments are used to reimburse previous investors. The government has agreed to no restitution in the criminal case, though various civil cases are handling repayments and damages to investors."
President Donald Trump commuted the prison sentence of former GPB Capital CEO and co-founder David Gentile, who had been convicted of defrauding investors. Gentile reported to prison on Nov. 14, days before the commutation. GPB Capital raised $1.6 billion to acquire companies across the auto, retail, health care and housing sectors. Gentile was sentenced to seven years after an August 2024 conviction for a scheme the Justice Department said misrepresented the performance of three private equity funds and defrauded more than 10,000 investors. A White House official said GPB disclosed in 2015 that investor capital might pay dividends to other investors, which the White House said undercut claims of a Ponzi scheme. The government agreed to no criminal restitution, and civil cases are handling repayments and damages to investors.
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