Blog: Patrick DiBre's Allegation that GPB Capital Holdings is a Ponzi Scheme Raises the Specter of Scientologist Reed Slatkin's $593 Million Ponzi Scheme - 2019-03-14
As we have been reporting, Scientologist David Gentile — CEO of GPB Capital Holdings — is suing his former partner Patrick DiBre for fraud, embezzlement and conversion. Gentile alleges that DiBre kept the $42 million he was paid for his car dealerships and refused to transfer the dealerships to GPB Capital. DiBre filed a counter suit in which he called GPB Capital Holdings a Ponzi scheme. Over against this vicious legal battle, GPB Capital is being investigated by the SEC, FINRA and the BIC. Last week the FBI executed search warrants on both GPB's corporate office in New York City and the GPB-owned Five Star Carting, a waste management firm in New York.
Patrick DiBre's allegation that GPB is a Ponzi scheme raises the specter of Scientologist Reed Slatkin's $593 million Ponzi scheme. At the time, Slatkin's Ponzi scheme was one of the largest in US history.