U.S. Courthouse for the Eastern District of New York in Brooklyn, New York. Photo: Ryland West/ALM Hedge Fund Executives Convicted of $1.7B Fraud Scheme by Federal Jury
GPB Capital founder David Gentile could face up to two decades in prison with co-defendant Jeffry Schneider for running a Ponzi-like scheme involving $1.7 billion.
August 05, 2024 at 09:00 AM
2 minute read
GPB Capital Holdings LLC founder David Gentile was found guilty Thursday on charges of running an alleged Ponzi-like scheme that federal prosecutors say put more than 10,000 investors at risk.
Co-defendant Jeffry Schneider, CEO of GPB's marketing arm, Ascendant Capital, was also charged with securities fraud and conspiracy following a eight-week jury trial in the U.S. District Court for the Eastern District of New York.
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