Karoline Leavitt: “GBP disclosed to investors the possibility of using investor…”

“As for your second question with respect to that pardon, he issued a commutation for Mr. Gentile, who's the former CEO and co founder of GBP Capital Holdings. Unlike similar companies, GBP paid regular annualized distributions to its investors. In 2015, GBP disclosed to investors the possibility of using investor capital to pay some of these distributions rather than funding them from current operations. Even though this was disclosed to investors, the Biden Department of Justice claims claimed it was a Ponzi scheme. This claim was profoundly undercut by the fact that GBP had explicitly told investors what would happen at trial.” (20:40–20:49)

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