US President Donald Trump has commuted the sentence of former investment manager David Gentile, who was just days into a seven-year prison sentence for fraud.
Bureau of Prisons records show that Gentile was released on Wednesday, less than two weeks after he reported to prison.
Gentile, the former chief executive and founder of GPB Capital, was convicted last year in what federal prosecutors described as a multi-year scheme to defraud more than 10,000 investors by misrepresenting the performance of private equity funds.
He's the latest in a string of white-collar criminals whose sentences Trump has commuted.
Gentile was convicted in August last year of securities and wire fraud charges and sentenced in May. His co-defendant, Jeffry Schneider, was sentenced to six years in prison on the same charges and remains behind bars.
US attorney Joseph Nocella stated at the time of Gentile's sentencing that GPB Capital was built on a foundation of lies and that the company made $1.6bn while using investor capital to pay distributions to other investors.
He warned that seeking wealth by taking advantage of investors results in severe consequences.
However, the White House contended that the Department of Justice, under Biden, made several errors, claiming investors were aware of the financial practices at GPB Capital.
Trump's commutation does not erase Gentile's convictions but may offer relief from some of the associated penalties.
Since assuming the presidency for his second term, Trump has granted pardons or commutations to multiple individuals convicted of various frauds, including tax and healthcare fraud.
Last month, Trump pardoned Tennessee state House Speaker Glen Casada, who was convicted of fraud and conspiracy charges.
