Even after being indicted and arrested for five felonies and having been sued for securities fraud by at least ten US States, Scientologist David Gentile and his partner in crime Jeffry Schneider are digging in their heels and still refusing to disclose how much investor money GPB Capital actually has in its hundreds of bank accounts.
Mr. Gentile and Mr. Schneider have been arguing for some time that Assets Under Management (AUM) are distinct and different from Regulatory Assets Under Management (RAUM). Here is GPB’s argument from Schedule D in its latest ADV (scroll down to see the full PDF version which can be enlarged for easier reading):
GPB reports on its recent Form ADV that it has only $15.5 million in RAUM, an amount which the ADV states is 97% attributable to non-US investors:
Even the $15 million in RAUM attributed to non US investors represents a loss. As we documented, the Swiss banker David Muino Suarez was arrested for laundering $21.7 million on behalf of his client Eduardo Cunha, the former President of the Chamber of Deputies of Brazil. Some of that money very possibly went into GPB Capital. Further, GPB Capital’s office in the Cayman Islands listed $60 million in its Automotive Income Fund Ltd — a fund available only to non-US residents:
We note that with the exception of Nico Guiterrez, GPB’s recent ADV reveals that its familiar Cayman Island reps, most notably David Egglishaw, are gone. It is no surprise that Egglishaw would not want his name associated with GPB Capital. Although the Cayman Islands is dirty, it nevertheless still has certain standards. Republic World recently wrote of the Cayman Islands:
The Cayman Islands, a British overseas territory, is one of the top destinations for hiding or laundering money, according to a study by the Tax Justice Network, which was published on their official website. The United States and Switzerland also do most to help the globe’s richest citizens to hide and launder money. According to reports, the authors also noted that the Cayman Islands was also a part of what it dubbed Britain’s ‘Spider web’ of satellites, where London influences laws and the appointment of officials.
The Cayman Islands take money from dubious sources; that is no secret whatsoever. However, the David Gentile’s of the world lose their Cayman Island privileges when they are criminally indicted. GPB’s new Cayman Island guys are Jyoti Choi and Lawrence Edwards:
The only clue as to the value of GPB Capital’s remaining assets is found in a small circle. In Section O, the “No” circle is checked if a company had less than $1 billion in assets on the last day of its most recent fiscal year:
Based upon the No circle being checked, we now know that GPB Capital has $15.5 million in RAUM and less than $1 billion in AUM. The car dealerships owned by GPB Capital in its Prime Automotive Group would be where the bulk of the remaining assets are located. However, David Gentile has also been selling some of GPB’s car dealerships as part of a legal settlement with an automotive manufacturer that did not want GPB Capital owning any of its dealerships.
GPB Capital Holdings once publicly boasted of having $1.8 billion AUM. Now the troubled firm, which is now under the control of a court-appointed monitor, will only say that it has $15 million in RAUM. Where did the $1.785 billion go? We previously listed GPB Capital’s 242 Portfolio companies obtained from a legal document. GPB Capital argues these companies and their fair market value do not have to be declared as they are not “registered assets under management.”
Gentile and Schneider seem to keep digging themselves deeper and deeper into the pit in which they are presently and intractably mired. The two even pretend that Highline Management and its boss Evan Myrianthopoulos are something other than alter egos of GPB Capital.
Stay tuned for our upcoming report on former Sea Org exec and David Miscavige lackey Jason Bennick. Mr. Bennick is now promoting himself as a cryptocurrency expert. He and his fellow Scientologist partner Lisa Savage also have a company that did business with… wait for it… GPB Capital Holdings.
WRITING UP YOUR OVERTS & CRIMES SEC STYLE
In the Church of Scientology one must frequently “write up their crimes and overts.” This is done exactly as described: One literally hand writes their crimes and overts on paper. One must use as many sheets of paper as is necessary.
Unlike the verbal Catholic confessional between priest and penitent, the written list of one’s crimes in Scientology is turned over to Scientology officials for use against the Scientologist as needed.
The US Securities and Exchange Commission does it a bit differently than Scientology. The SEC demands that people write up a list of their indictments and convictions on their Form ADV’s. Below we see GPB listing the indictment of GPB co-conspirators Gentile, Schneider, and Lash on five felony counts as enumerated:
THE REMAINING DECK CHAIRS ON THE TITANIC
The “control persons” at GPB Capital Holdings are like the people seated in the remaining deck chairs on the Titanic as the great ship slid beneath the waves. These bitter-enders are going to remain onboard to await the outcome of the monitor’s decision which is expected next week. We are of the opinion that GPB’s court-appointed monitor Joe Gardemal will ask the court to put the firm into receivership.
GPB Capital Holdings remaining control persons:
GPB Capital’s Form ADV dated March 31, 2021 and signed by CCO Michael Emmanuel:
Categories: The Scientology Money Project