Trump Commutes Sentence Of Former Private Equity Ceo David Gentile, Who Was Convicted Of Fraud

WASHINGTON — President Donald Trump has commuted nan seven-year condemnation of erstwhile backstage equity CEO David Gentile, a White House charismatic confirmed.

Gentile was sentenced successful May to 7 years successful situation on ligament and information fraud charges. According to nan Bureau of Prisons' database, Gentile was not successful its custody arsenic of Nov. 26. The White House pardon czar, Alice Marie Johnson, besides confirmed Gentile's merchandise successful a post connected X.

Gentile was nan CEO and co-founder of GPB Capital Holdings and was convicted by a national assemblage successful Aug. 2024 of conspiracy to perpetrate securities fraud, conspiracy to perpetrate ligament fraud, securities fraud and 2 counts of ligament fraud.

The U.S. Attorney's Office for nan Eastern District of New York, which brought nan indictment during nan Biden administration, said astatine nan clip that nan "charges related to a years-long strategy to defraud much than 10,000 investors by misrepresenting nan root of costs utilized to make monthly distribution payments and nan magnitude of gross generated by 3 of GPB’s finance funds."

Gentile was charged and convicted alongside Jeffry Schneider, nan proprietor of a trading firm, whom prosecutors said marketed GPB costs to investors.

The White House charismatic disputed nan charges brought by nan Biden DOJ. The charismatic said GPB paid regular annualized distributions to its investors and successful 2015, nan institution "disclosed to investors nan anticipation of utilizing investor superior to salary immoderate of these distributions alternatively than backing them from existent operations."

"Even though this was disclosed to investors nan Biden Department of Justice claimed this was a Ponzi scheme," nan charismatic said. "This declare was profoundly undercut by nan truth that GPB had explicitly told investors what would happen. At trial, nan authorities was incapable to necktie immoderate supposedly fraudulent representations to Mr. Gentile. Mr. Gentile besides raised superior concerns that nan authorities had elicited mendacious grounds and grounded to correct specified testimony."

Gentile's lawyer did not instantly respond to a petition for remark astir his release.

New York Attorney General Letitia James had besides sued Gentile and different co-defendants successful 2021 complete nan scheme. The lawyer general's agency didn't instantly respond to a petition for comment.

Trump has granted pardons and different acts of clemency to hundreds of group since taking agency successful January, opening pinch around 1,500 Jan. 6 defendants and including galore group convicted of fraud since then. Last month, Trump pardoned billionaire crypto executive Changpeng Zhao, who founded nan Binance crypto exchange. Zhao was sentenced to 4 months successful situation aft pleading blameworthy successful a woody pinch nan Justice Department for enabling money laundering astatine Binance.

In April, Trump pardoned Paul Walczak, who was convicted connected taxation charges. Walczak's mother contributed millions of dollars to Trump’s statesmanlike campaign.

In May, Trump pardoned and commuted nan sentences of erstwhile reality TV stars Todd and Julie Chrisley, who were convicted of fraud, taxation evasion and conspiracy to defraud nan United States. Also successful May, he pardoned erstwhile New York GOP Rep. Michael Grimm, who was sentenced successful 2015 to 8 months for taxation fraud.

In October, Trump released erstwhile GOP Rep. George Santos from prison. Santos was serving a situation sentence of complete 7 years. connected ligament fraud and personality theft charges.