Memories of Madoff: New Ponzi scheme may have put $2.2 billion at risk
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By Patricia Hurtado
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New York money management firm GPB Capital Holdingsâ chief David Gentile was indicted for allegedly taking part in a Ponzi-like scheme that defrauded thousands of investors across the country and that regulators say may have put more than $US1.7 billion ($2.2 billion) at risk.
Gentile and two other executives are accused of using the funds to cover shortfalls and enrich themselves instead of securing returns for their customers. Some 17,000 investors were affected, about 4000 of them seniors, according to a related complaint by the US Securities and Exchange Commission.
GPB Ponzi Scheme courthousenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from courthousenews.com Daily Mail and Mail on Sunday newspapers.
The SEC on Thursday charged investment adviser GPB Capital Holdings and three executives for running a Ponzi-like scheme that defrauded more than 17,000 retail investors of $1.7 billion.
A man who was the head of a Manhattan investment fund was arrested on Thursday and is facing securities fraud charges for his role in an alleged $1.8 billion Ponzi-like scheme that saw his company paying clients with their own money.&nbs.
Peiffer Wolf: Weâve Been Warning For 18 Months That GPB Capital Is A âPonzi Schemeâ - Madoff Lesson Not Learned? Law Firm Sounded Alarm In Mid-2019 Even As GPB Capital Got A Pass From Most On Wall Street And In Media; âThousands Of Victims Needlessly Cleaned Outâ By Delay In Action
Peiffer Wolf: Weâve Been Warning For 18 Months That GPB Capital Is A âPonzi Schemeâ - Madoff Lesson Not Learned? Law Firm Sounded Alarm In Mid-2019 Even As GPB Capital Got A Pass From Most On Wall Street And In Media; âThousands Of Victims Needlessly Cleaned Outâ By Delay In Action