Overview
- A federal jury convicted the 59-year-old in August 2024 of securities and wire fraud, and he received a seven-year sentence in May 2025.
- Federal Bureau of Prisons records show he surrendered on Nov. 14 and was released Nov. 26 after a sentence commutation, which is not a pardon and does not erase the conviction.
- Prosecutors said Gentile and partners raised roughly $1.6 billion and misled more than 10,000 investors about fund performance and the source of distribution payments, with over 1,000 victim statements submitted at sentencing.
- A White House official disputed prosecutors’ Ponzi characterization, citing a 2015 disclosure about using investor capital for distributions and alleging problems with trial testimony, while DOJ did not provide immediate comment.
- Co-defendant Jeffry Schneider did not receive clemency, and parallel recovery efforts continue, including a forfeiture request of about $15.5 million from Gentile and a receiver reporting access to more than $700 million for potential investor distributions.