David Gentile, founder of GPB Capital, received a seven-year prison sentence, while Jeffry Schneider, former CEO of Ascendant Capital, received six years for a fraudulent scheme that deceived over 10,000 investors. They misrepresented the financial performance of GPB Capital's funds, misusing approximately $1.6 billion raised from individual investors. Their conviction followed an extensive trial, with further financial penalties pending. Prosecutor Joseph Nocella emphasized the importance of accountability for fraudulent actions within financial markets and the continued commitment to protecting the investing public from such deceitful practices.
The defendants built GPB Capital on a foundation of lies, raising $1.6 billion from investors based on false promises, while using capital to pay false distributions.
The sentences imposed are well deserved and should serve as a warning to would-be fraudsters that seeking to get rich by taking advantage of investors gets you only a one-way ticket to jail.
For years, David Gentile and Jeffry Schneider wove a web of lies to misrepresent their business, leading to significant financial harm for over 10,000 investors.
This case highlights the commitment of federal authorities to protect investors and maintain the integrity of financial markets against fraudulent schemes.
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