President Trump Commutes Sentence of Private Equity Executive

President Donald Trump has commuted the sentence of David Gentile, the former CEO and owner of GPB Capital Holdings, according to the White House. Gentile had been serving a seven-year federal prison sentence after being convicted of securities and wire fraud in August 2024.

Gentile and Ascendant Capital’s Jeffry Schneider were charged for running what prosecutors described as a Ponzi-like scheme that raised more than $1.7 billion from more than 10,000 investors nationwide. Prosecutors said investor funds were improperly used to pay promised monthly returns instead of investing those dollars as marketed. It does not appear Schneider’s sentence was altered.

Gentile is the latest white-collar figure to receive clemency under President Trump, who has leaned heavily on pardon and commutation powers during his second term. Recent recipients include high-profile tech and cryptocurrency figures Changpeng Zhao, Ross Ulbricht, and Trevor Milton.

Supporters of Gentile, including Alice Johnson, Trump’s pardon advisor, praised the decision, saying they are grateful he will be reunited with his young family. The White House argued that Gentile disclosed risks to investors as early as 2015 and claimed that prosecutors relied on false testimony during his trial.

The Department of Justice has not commented on the commutation. CNN has reached out to the defense and the former U.S. attorney who announced the conviction.

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