NEW YORK, N.Y. — President Donald Trump has granted clemency to David Gentile, the private equity executive sentenced earlier this year to seven years in federal prison for his role in a $1.6 billion fraud scheme tied to GPB Capital. Gentile, 59, reported to prison on November 14 but was released just 12 days later, according to the Federal Bureau of Prisons website. The New York Times first reported the commutation, noting that the Justice Department has not yet posted details of the clemency on its public database.
Gentile, founder and former CEO of GPB Capital, was convicted of defrauding thousands of individual investors. Prosecutors said the firm promised steady returns while using investor money to fund luxury expenses, including private jet travel, a $90,000-per-year flight attendant, vehicle rentals, and a $355,000 Ferrari. An auditor also identified more than $29,000 in expenditures tied to “David’s 50th Bday,” according to state filings.
In 2021, New York Attorney General Letitia James filed a sweeping lawsuit against Gentile, GPB Capital, and two additional executives, alleging $1.8 billion was raised from investors without delivering a “single cent of profit.” She accused the firm of “fleecing” clients while executives financed lavish lifestyles.
The New York Times reported there is no clarity on whether Gentile has connections to Trump or his political allies. Gentile’s legal team declined to comment.
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Sources:
• The Guardian – MBFC News
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