Donald Trump has granted clemency to David Gentile, a private equity executive who had just begun a seven-year prison sentence for his role in a $1.6 billion fraud scheme, according to the New York Times. Gentile, 59, the founder and former CEO of GPB Capital, was convicted in May and reported to prison on 14 November. He was released on 26 November, per the Federal Bureau of Prisons.
Prosecutors said Gentile defrauded thousands of individual investors in a scheme that involved using investor funds for personal luxuries, including private jets, a $90,000-a-year flight attendant, and a $355,000 Ferrari. A complaint from New York Attorney General Letitia James alleged that GPB Capital spent $1.8 billion from investors without returning any profit, instead subsidizing lavish lifestyles.
At sentencing in May, US Attorney Joseph Nocella Jr. stated, 'The sentences imposed today are well deserved and should serve as a warning to would-be fraudsters.' However, it remains unclear whether Gentile had any connections to Trump or his supporters. Lawyers for Gentile declined to comment, and the commutation details had not been posted on the Department of Justice website as of Sunday.
