Hallandale Beach, Florida – president Donald Trump The prison sentence of former investment manager David Gentile, who was convicted of defrauding investors, was commuted – the latest in a case. A series of clemency measures Trump has taken in White collar criminal cases.
Gentile entered prison on November 14, just days before Trump commuted his sentence, according to a White House official who requested anonymity to provide details about the clemency measure. Gentile was CEO and co-founder of GPB Capital, which raised $1.6 billion in capital to acquire companies in the automotive, retail, healthcare and housing sectors.
He was sentenced to seven years in prison after his conviction in August 2024 for his role in what the Justice Department described at the time as a scheme to defraud more than 10,000 investors by misrepresenting the performance of three private equity funds.
But the White House official said that GBB Capital disclosed to investors in 2015 that their capital could go to pay dividends to other investors, which the White House said undercut allegations that the company engaged in a “Ponzi” scheme in which new investments are used to compensate previous investors.
The government has agreed not to compensate in this criminal case, although several civil cases deal with reimbursement and damages to investors.