Did GPB Capital Holdings Executives Improperly Use Investors’ Money To Fund Personal Spending?
Federal Prosecutors Interviewed Alternative Asset Firm’s Former Auditor
Six months after the Justice Department filed criminal charges against ex-GPB Capital Holdings executives for operating an over $1.8B Ponzi scam that defrauded more than 17,000 investors, prosecutors have submitted a court filing disclosing that federal officials have interviewed Alan Materazo of Margolin Winer & Evens, an ex-auditor and accountant for the private placement firm.
Former GPB CEO and founder David Gentile, ex-managing partner Jeffrey Schneider, and Ascendant Capital owner Jeffrey Lash, who were charged with securities fraud, and conspiracy have also come under scrutiny for allegedly using investors’ money to pay for their own expenses. The interview of Materazo may have shed more light on whether this was, in fact, the case.