04 Feb 255 Missourians fell victim to Ponzi scheme; over $24 million in restitution being sought
Ponzi scheme – David Gentile, Jeffry Schneider, Jeffrey Lash and their companies (GPB Capital Holdings, Ascendant Capital and Ascendant Alternative Strategies) “raised more than $1.8 billion by luring individuals to invest with misleading promises of reliable returns.”
“JEFFERSON CITY, Mo. – The secretary of state’s office is alleging that three men worked together with their companies to defraud 255 Missourians and tens of thousands more people across the country and are now calling on them to pay $24 million in restitution.
The allegation is from the Secretary of State Jay Ashcroft’s Securities Division. It says between 2013 and 2018 David Gentile, Jeffry Schneider, Jeffrey Lash and their companies “raised more than $1.8 billion by luring individuals to invest with misleading promises of reliable returns.”
The companies’, GPB Capital Holdings LLC, Ascendant Capital LLC and Ascendant Alternative Strategies LLC, fraudulent “Ponzi-style scheme” began in New York. The 255 Missourians involved, collectively invested $37 million.
New Jersey, New York, Alabama, Georgia, Illinois, South Carolina, and Missouri are all filing similar actions Thursday.
The United States Attorney’s Office for the Eastern District of New York has already arrested Lash and Schneider. Gentile is expected to surrender Thursday morning on related charges, according to the secretary of state’s office.
The Securities Division is seeking more than $24 million in restitution with interest, $18 million in civil penalties, and disgorgement and investigation costs.”
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