By Matt Tracy

Nov 30 (Reuters) – President Donald Trump has commuted the seven-year sentence of former GPB Capital Holdings CEO David Gentile, with a White House official on Sunday countering the claims at trial brought by the Biden administration that led to Gentile’s conviction last year.

Founded in 2013, GPB Capital Holdings used investor funds to take stakes in automotive, retail and other types of companies. It paid out regular annual distributions to investors from returns on these holdings.

Former President Joe Biden’s Department of Justice convicted then-CEO Gentile of securities fraud in August 2024 after an eight-week trial, saying GPB’s use of investor capital to pay these proceeds instead of tapping into funds from its current operations constituted a Ponzi scheme. Gentile w

See Full Page