SEC: 17,000 investors defrauded in $1.7B Ponzi-like scheme
Feb. 4 (UPI) — The U.S. Securities and Exchange Commission charged investment adviser GPB Capital Holdings as well as three executives and their related entities for running a Ponzi-like scheme that defrauded more than 17,000 retail investors of $1.7 billion.
The SEC charged GPB Capital’s owner and CEO David Gentile; Jeffry Schneider, the owner of GPB Capital’s placement agent Ascendant Capital; and GBP Capital’s former managing partner Jeffrey Lash of using investors’ own funds to pay distributions rather than placing them toward customers’ investments as well as violating whistleblower protection laws.
The complaint alleges that GPB Capital told investors that distribution payments were paid exclusively with funds generated by its portfolio companies when in reality it used investor money to pay portions of the annualized 8% distribution payments.
Additionally, the company also allegedly manipulated financial statements to present the false appearance that the funds’ income was closer to “generating sufficient
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