…Trump commuted the prison sentence of the former GPB Capital Holdings CEO David Gentile, who was found guilty in 2024 for his role in a years-long scheme that involved alternative investments. Investor advocates criticized Trump for freeing Gentile, who was at the center of the $1.6bn fraud that harmed thousands of teachers, nurses and other less experienced investors.
"It's a signal that it is not a priority to protect your mom and pop investors," said Adam Gana, a lawyer at the Chicago firm Gana Weinstein who has represented hundreds of clients who lost money in private equity deals set up by GPB. "It's unbelievable. People's lives were ruined, ruined by their investments in GPB."…
In his executive order, Trump's bid for putting more 401(k) money into alts is paired with a call to make it harder for investors to pursue compensation for wrongdoing by employers, advisers and other players that control those plans…
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