He had been sentenced to seven years in prison after an August 2024 conviction for his role in what the Justice Department at the time described as a scheme to defraud more than 10,000 investors by misrepresenting the performance of three private equity funds.
But the White House official said GPB Capital had disclosed to investors in 2015 that their capital might go to pay dividends to other investors, which the White House said undercut claims that the company had engaged in a “Ponzi” scheme in which new investments are used to reimburse previous investors.
The government has agreed to no restitution in the criminal case, though various civil cases are handling repayments and damages to investors.
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