US Judge Margo Brodie of the Eastern District of New York has ordered GPB Capital into receivership. This begins the process of the remaining assets being distributed to the investors.

The Receivership Order also stops Scientologist David Gentile from engaging in any further dissipation of  investor monies by his bellicose and obstructionist tactics to wrest back control of GPB Capital as he had previously attempted in 2022 with his Scientologist pals Matt Judkin and Steven Hayes.

It is game over from David Gentile and Jeffry Schneider. The only thing these two defendants have to worry about now is their pending US Federal criminal trial which is slated for June 2024 in New York.

The court orders posted at the end of this article show the staggering wealth extraction scheme in which David Gentile, Jeffry Schneider, and their broker-dealers took a staggering $292 million in fees from the $1.7 billion in investor monies raised.

In the excerpt below, the Court noted the exorbitant fees paid by GPB Capital’s investors. Jeffry Schneider’s Ascendant Strategies paid its B-D network huge commissions to preferentially sell GPB Capital over other private equity offerings. As a consequence, many of those B-D’s have paid FINRA fines; been sued by investors; or have gone bankrupt. The swath of destruction left in the wake of the GPB Capital is enormous in both human and financial terms.

The first court document posted below appoints Joseph Gardemal as the Receiver and imposes a litigation injunction; the second court document is Judge Brodie’s Memorandum and Order:

Court Order 1: Order Appointing Receiver and Imposing Litigation Injunction: 

Court Order 2: Memorandum and Order: