Current and former GPB Capital Holdings Executives. Names added by the Scientology Money Project.

Scientologist David Gentile and his scandal-plagued private equity firm GPB Capital Holdings of New York have been hit with new charges of extensive securities violations by the Enforcement Section of the Massachusetts Securities Division. William Galvin and his team in Boston have done an excellent job in detailing the specifics of how GPB Capital operates. All of the moving parts, including the parts hidden from investors, are revealed.

Among other details, the document lays bare the incredible greed-driven self-dealing between David Gentile and Jeffry Schneider. For the first time, Schneider is named as Gentile’s “top confidant” which we take to mean “co-conspirator.” The groundwork for future criminal charges is clearly established. GPB’s use of new investor money to pay distributions to old investors clearly suggests a Ponzi scheme as has been alleged by others.

GPB Capital Holdings has raised at least $1.5 billion from its investors. This action by the State of Massachusetts is decisive and highly-focused. We believe this action is a prelude to action by the US Department of Justice. This document vindicates the work of the very courageous whistleblower Toni Caiazzo Neff.