Former President Donald Trump granted clemency to David Gentile, the former CEO of GPB Capital, who was recently sentenced to seven years in prison for a $1.6 billion fraud scheme. Gentile, who had begun serving his sentence on November 14th, was released on November 26th. Prosecutors had argued the fraud involved using investor funds for lavish personal expenses, including private jets and a Ferrari. The details of the commutation had not yet been posted on the Department of Justice website at the time of publication.
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David Gentile, a private equity executive, was granted clemency by President Trump just days into his seven-year prison sentence, following his conviction on charges of defrauding thousands of investors in a $1.6 billion scheme. Gentile and his co-defendant, Jeffry Schneider, were found guilty of conspiracy to commit securities fraud and wire fraud, and securities fraud, after prosecutors revealed they had misrepresented the source and performance of funds raised by Gentile’s firm, GPB Capital. The scheme involved misusing investor capital to make monthly distribution payments, thereby creating a false sense of success. Despite his conviction, Gentile’s sentence was commuted; however, his conviction was not erased.
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John Q. Hosedrinker