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David Gentile, founder of GPB Capital, and Jeffry Schneider, CEO of Ascendant Capital, were found guilty of leading a Ponzi-like fraud scheme. Federal prosecutors revealed that the scheme put at risk more than $1.8 billion raised from thousands of investors. The jury in the Eastern District of New York convicted both Gentile and Schneider of conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud. Gentile was also convicted on two counts of wire fraud. The fraud, involving $1.7 billion, was heavily promoted by National Securities, a subsidiary of B. Riley Financial, which is facing a civil lawsuit alleging substantial aid in the scheme. The trial took place in Brooklyn, N.Y.
The only enterprise worse than $RILY are the paid criminals they are paying to promote the worthless stock. Bryant Riley is going to prison.. Bookmark this @FriendlyBearSA "What we didn’t know, was that Conn’s was already a sinking ship before acquiring Badcock,” the post…
Gentile’s co-defendant, Jeffry Schneider, who ran Texas-based Ascendant Capital, also was convicted of securities fraud and conspiracy charges by a federal jury in Brooklyn, N.Y. https://t.co/PWgbxzu0f2
Co-founders of GPB Capital were found guilty of fraud and conspiracy charges involving $1.7 billion raised by the private-equity firm https://t.co/weqlAfWdo4
