Trump Pardons Private Equity Executive Convicted of Fraud
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.
John Q. Hosedrinker