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FOR IMMEDIATE RELEASE Washington D.C., Feb. 4, 2021 The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital.  The SEC also charged GPB Capital with violating the whistleblower protection laws.  The SEC’s complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capital’s placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors.  According to the complaint, these defendants along with Ascendant Alternative Strategies, which marketed GPB Capital’s investments, told investors that the distribution payments were paid exclusively with monies generated by GPB Capital’s portfolio companies.  As alleged

New yorkUnited statesSouth carolinaRichard bestKerril palenTodd naznitskyDavid gentileKristinm pauleyJeffry schneiderAmritpal sidhuThomasj butlerKristinee geisslerMelissaa coppolaMerryl hoffmanLaras mehrabanAlistaire bambach