GPB Capital Founder Gentile Goes on Trial for Ponzi-Like Fraud

GPB Capital Holdings LLCfounder David Gentile and the owner of a firm that marketed GPB funds are set to go on trial Monday in New York for their alleged roles in a Ponzi-like scheme that put at risk more than $1.8 billion raised from thousands of investors.

Gentile and Jeffry Schneider, who ran Texas-based Ascendant Capital, are charged with securities fraud, wire fraud and conspiracy for allegedly using money from the private equity funds to cover shortfalls and enrich themselves. A key prosecution witness will be Jeffrey Lash, a former GPB managing director who pleaded guilty to wire fraud ...