FOR IMMEDIATE RELEASE Washington D.C., Feb. 4, 2021
The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. The SEC also charged GPB Capital with violating the whistleblower protection laws.
The SEC’s complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capital’s placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors. According to the complaint, these defendants along with Ascendant Alternative Strategies, which marketed GPB Capital’s investments, told investors that the distribution payments were paid exclusively with monies generated by GPB Capital’s portfolio companies. As alleged
tweet. that struck a lot of people as very surprising. it s a scientific organization, not usually a political organization, and this correction, if you want to call it that or reprimand came four days or five days after the original tweet. so the obvious question is what did the what motivated and what seems to have motivated was an angry administration that was really peeved that these forecasters in birmingham, alabama, would contradict the president, and the secretary of commerce calls up neal jacobson, the acting director of noaa and says that this has to be fixed and if not there will be people that will be fired. the result was that statement that you saw then friday afternoon. that statement that came out friday afternoon essentially backing the president s claim saying that the national weather service should not have spoken in absolute terms. but talk to us, and there s been this kind of criticism to dismiss this back and forth about whether or not alabama was going to be