'Ponzi-like' private placement mess GPB slides into receivership investmentnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investmentnews.com Daily Mail and Mail on Sunday newspapers.
Ex-GPB executive gets 9-month sentence
Former chief compliance officer Michael Cohn was also fined $50,000. A former Securities and Exchange Commission examiner, he was charged in October 2019 with obstruction of justice relating to an SEC investigation of GPB.
April 7, 2021
The former chief compliance officer at the $1.8 billion private investment firm GPB Capital Holdings last month was sentenced to nine months of home confinement after pleading guilty in September to theft of government property.
The executive, Michael Cohn, had faced up to one year in prison and felony charges, which was reduced to a misdemeanor. He was also fined $50,000, according to the sentencing filing from March 24 in federal court in Brooklyn, New York.
GPB broker-dealer shuts down amid fraud charges
Ascendant Alternative Strategies changed its official status with Finra to termination requested. Founders of GPB, David Gentile and Jeff Schneider were arrested and charged with fraud last month by the FBI.
March 1, 2021 2 MINS
The broker-dealer that primed the pump for much of the $1.8 billion in sales of GPB Capital Holdings private placements is shutting down.
That such an end would come to the broker-dealer, called Ascendant Alternative Strategies, is to be expected in the wake of the founders of GPB, David Gentile and Jeff Schneider, having been arrested and charged with fraud last month by the FBI. Gentile and Schneider also own the broker-dealer, Ascendant Alternative, which has offices in Austin, Texas and New York.