Donald Trump has granted clemency to David Gentile, a private equity executive convicted of participating in a $1.6 billion fraud scheme. Gentile, the founder and former CEO of GPB Capital, was sentenced in May to seven years in prison for defrauding numerous individual investors. He began serving his sentence on November 14, 2025, but was released on November 26, 2025.
U.S. Attorney for the Eastern District of New York, Joseph Nocella Jr., stated at the time of sentencing that the sentences issued should serve as a caution to potential fraudsters. A complaint from regulators indicated that some funds meant for investors were misappropriated for lavish expenditures, such as private jets and a luxury car. Notably, the complaint mentioned expenditures that included a $90,000-a-year flight attendant and a Ferrari valued at $355,000.
In 2021, Attorney General Letitia James filed a lawsuit against Gentile, GPB Capital, and two other executives, seeking restitution for affected investors. James asserted that investors contributed more than $1.8 billion into GPB funds but have not seen any profits, claiming they were defrauded while the firm’s operators financed extravagant lifestyles.
While there was speculation regarding any connections between Gentile and Trump or Trump’s supporters, it remains unclear if such ties exist. Gentile’s legal representatives have declined to comment, and he has not responded to inquiries. As of now, the specifics of the clemency have not been updated on the Department of Justice’s website. This case highlights ongoing issues related to fraud in private equity and investor protections.
Source: https://www.theguardian.com/us-news/2025/nov/30/trump-grants-clemency-executive-convicted-fraud-scheme