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This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say
This One Rivals Madoff: $1.8B Ponzi Scheme Victimizes Hundreds Of NJ Investors, Authorities Say Hundreds of New Jersey investors were among those scammed in a $1.8 billion Ponzi scheme that authorities said was orchestrated by a trio of partners in a Manhattan-based advisory firm who projected an “aura of success” while hemorrhaging losses. Instead of securing returns for clients, the founder and CEO of GPB Capital Holdings, David Gentile, and his associates used investments to cover shortfalls and pay for private jets, a Ferrari and other personal luxuries, New Jersey Attorney General Gurbir S. Grewal said. Victims from the Garden State alone pumped more than $70.4 million into the s…

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by Jerry DeMarco