President Donald Trump granted clemency to David Gentile, a private equity executive, after he was convicted of defrauding thousands of victims in a $1.6 billion scheme.

Gentile, 59, was granted clemency just a few days into his seven-year prison sentence, according to The New York Times, and was released from prison Wednesday, according to prison records. Gentile’s conviction will not be erased.

Gentile and his co-defendant, Jeffry Schneider, were convicted in August 2024 on conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud.

Prosecutors said Gentile and Schneider participated in a years-long scheme to defraud more than 10,000 investors by using Gentile’s private equity firm, GPB Capital, to misrepresent the source of the funds and how they were performing to make monthly distribution........

© HuffPost