GPB Capital Founder Gentile Found Guilty in Ponzi-Like Fraud (1)

GPB Capital Holdings LLC founder David Gentile was found guilty Thursday of leading a Ponzi-like fraud that federal prosecutors said put at risk more than $1.8 billion raised from thousands of investors.

Gentile’s co-defendant, Jeffry Schneider, who ran Texas-based Ascendant Capital, also was convicted of securities fraud and conspiracy charges by a federal jury in Brooklyn, New York, following a trial that lasted more than seven weeks.

Prosecutors in the office of Brooklyn US Attorney Breon Peace argued Gentile and Schneider plotted to mislead investors about the source of money used to pay their monthly distributions and about the amount ...