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chairman donald trump Commuted the prison sentence of former investment manager David Gentile, who was convicted of defrauding investors – the latest in a series of clemency actions taken by Trump in white-collar criminal cases.
Gentile reported to prison on November 14, just days before Trump commuted his sentence, according to one white House The official requested anonymity to provide details of the amnesty proceeding. Gentile was the CEO and co-founder of GPB Capital, which raised $1.6 billion in capital to acquire companies in the auto, retail, health care and housing sectors.
He was sentenced to seven years in prison after pleading guilty in August 2024 Justice Department At the time it was described as a scheme to defraud more than 10,000 investors by misrepresenting the performance of three private equity funds.
But a White House official said GPB Capital told investors in 2015 that their capital could go to pay dividends to other investors, a claim the White House said fell short of claims the company was engaged in a “Ponzi” scheme in which new investments are used to reimburse previous investors.
The government has agreed not to pay any compensation in the criminal case, although various civil cases are dealing with repayment and damages to investors.