09-05-2025
- Business
- Wall Street Journal
Founders of GPB Capital Get Prison Time for Fraud
A federal judge ordered prison time for the architects of the biggest private-equity fraud since the collapse of Abraaj Group in 2018, sentencing both Friday for their roles in setting up GPB Capital Holdings and marketing its funds to everyday investors with promises of earning 8% returns.
Former GPB Chief Executive David Gentile, an accountant who came up with the idea for the firm with auto dealer Jeffrey Lash and securities salesman Jeffry Schneider, was ordered to serve seven years by U.S. District Judge Rachel Kovner in Brooklyn, N.Y. She also sentenced Schneider to six years.
