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Cake day: June 24th, 2023

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  • President Trump has set free a private equity executive who had served less than two weeks of a seven-year sentence for his role in what prosecutors described as a $1.6 billion scheme that defrauded thousands of victims.

    In court filings, prosecutors said that Mr. Gentile and Mr. Schneider over several years used private equity funds controlled by Mr. Gentile’s company, GPB Capital, to defraud 10,000 investors by misrepresenting the performance of the funds and the source of money used to make monthly distribution payments.

    More than 1,000 people submitted statements attesting to their losses, according to prosecutors, who characterized the victims as “hardworking, everyday people,” including small business owners, farmers, veterans, teachers and nurses.

    “I lost my whole life savings,” one wrote, adding, “I am living from check to check.”