Business
GPB Capital Holdings charged over ‘$1.7 BILLION Ponzi scheme that defrauded 17,000 investors’ – 7NEWS.com.au
The US Securities and Exchange Commission alleges 17,000 investors have been caught up in a Ponzi-like scheme.
The US Securities and Exchange Commission charged investment adviser GPB Capital Holdings and three executives on Thursday with defrauding over 17,000 retail investors in a Ponzi-like scheme that raised over $US1.7 billion ($AU2.2 billion).
The lawsuit alleges that David Gentile, owner and CEO, Jeffry Schneider, owner of GPB Capitals placement agent Ascendant Capital, and Jeffrey Lash, GPB Capitals former managing partner, used investors own funds to pay out monthly distributions to investors instead…
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