Ponzi Scheme: GPB Capital, CEO David Gentile Sued for Defrauding $1.7B from 17,000 Investors

February 4, 2021

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On the other hand, SEC Office of the Whistleblower Chief Jane Norberg commented, “Whistleblower protections are a cornerstone of the SEC’s whistleblower program. The charges filed today reinforce the Commission’s commitment to protecti

ng whistleblowers from retaliation and attempts to stifle the free flow of information to the Commission about possible securities law violations.”

GBP Capital and its co-defendant’s face more lawsuits filed by the DOJ, multiple states

Separately, the U.S. Attorney’s Office for the Eastern District of New York charged the defendants with engaging in a scheme to defraud investors.

New York Attorney General Letitia James also sued GBP Capital and its fellow defendants for running a Ponzi-like scheme that defrauded 1,400 New Yorkers.

Attorney General James commented, “GPB and its operators fleeced New Yorkers and investors around the country while subsidizing their own lavish lifestyles, which is why we are filing this lawsuit and fighting to hold these bad actors accountable. We won’t let Wall Street fat cats get away with breaking the rules, as they pilfer New Yorker’s wallets in the meantime.”