GPB Ponzi Scheme

MANHATTAN — New York Attorney General Leticia James accused investment firm GPB Capital Holdings and Ascendant Capital of running a $700 million Ponzi scheme. Separate from that complaint in Manhattan Supreme Court, Brooklyn prosecutors brought a federal indictment against GPB Capital CEO David Gentile, GPB managing partner Jeffrey Lash and Ascendant CEO Jeffrey Schneider.

James wants restitution and a ban the three executives from working in the New York securities industry, saying the company promised investors 8% returns but used new money to cover old returns and falsified financial statements.

%d bloggers like this: