Financial Fraud

President Donald Trump commuted the prison sentence of David Gentile, the former GPB Capital CEO convicted in August 2024 of defrauding more than 10,000 investors, a White House official said. Gentile, sentenced to seven years, reported to prison Nov. 14; the White House argued GPB disclosed in 2015 that new capital could fund dividends, undercutting claims the funds were a Ponzi scheme. The government agreed to no criminal restitution, with investor repayments proceeding through civil cases.