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Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

GPB Ponzi Scheme

New York and the federal government separately accused investment firm GPB Capital Holdings, Ascendant Capital and their executives Thursday of running a $700 million 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.

Categories / Criminal, Financial, Securities

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