Monitor Ordered For GPB Capital After $1.8B Fraud Charges

Law360, New York (February 12, 2021, 10:22 PM EST) -- A New York federal judge ordered an independent monitor Friday to take the reins at GPB Capital Holdings LLC after the private equity firm and top executives were accused of running a $1.8 billion Ponzi-like scheme.

U.S. District Judge Margo Brodie in Brooklyn issued the order — following the agreement of GPB and the U.S. Securities and Exchange Commission — after the SEC brought a civil action and prosecutors lodged criminal charges against former GPB CEO David Gentile, managing partner Jeffrey Lash and Jeffry Schneider, the owner of GPB placement agent Ascendant Capital.

The monitor, forensic accountant Joseph T. Gardemal of Alvarez...

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