Trump commutes former CEO David Gentile’s 7-year sentence for securities fraud in a Ponzi scheme case.

Trump has commuted the seven-year prison sentence of David Gentile, former CEO of GPB Capital Holdings, convicted in August 2024 of securities fraud for allegedly running a Ponzi scheme. The Biden administration claimed GPB used new investor funds to pay returns, but a White House official said the government’s case was weakened by GPB’s disclosures to investors and lack of evidence linking Gentile to fraudulent statements. The DOJ did not comment.