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SEC.gov | SEC Charges Investment Adviser and Others With Defrauding Over 17,000 Retail Investors

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.� ....

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SEC alleges asset manager duped investors | Investment Executive

James Langton
A New York-based alternative asset manager that raised US$1.7 billion from thousands of investors is being accused of operating a Ponzi scheme.
The U.S. Securities and Exchange Commission (SEC) charged GPB Capital and its owner and CEO, David Gentile, with an alleged scheme that involved funding the firm’s annual distributions to investors with money from new investors.
A former managing partner at GPB, Jeffrey Lash, GPB’s placement agent, Ascendant Capital, Ascendant Alternative Strategies LLC and Ascendant’s owner, Jeffry Schneider, have also been charged.
Since 2013, the firm has raised over US$1.7 billion for at least five limited partnership funds from approximately 17,000 retail investors, including approximately 4,000 seniors, the SEC said. ....

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SEC, Feds charge senior GPB executives with fraud

SEC, Feds charge senior GPB executives with fraud
GPB raised $1.8 billion from investors starting in 2013 through sales of private partnerships, but it has not paid investors steady returns, called distributions, since 2018.
February 4, 2021
4
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The Securities and Exchange Commission on Thursday charged senior executives at GPB Capital with fraud and running a Ponzi-like scheme that raised over $1.8 billion from 17,000.
GPB raised $1.8 billion from investors starting in 2013 through sales of private partnerships, but it has not paid investors steady returns, called distributions, since 2018. More than 60 broker-dealers partnered with GPB to sell the private placements and charged customers charged clients commissions of up to 8%. ....

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