WASHINGTON — President Donald 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.

David Gentile, 59, a onetime resident of Nassau County, New York, had reported to prison Nov. 14, and was released Wednesday, according to Bureau of Prisons records and a White House official who was not authorized to discuss the matter.

Gentile and a co-defendant, Jeffry Schneider, were convicted in August 2024 of securities and wire fraud charges, and sentenced in May.

Unlike a pardon, the commutation granted to Gentile will not necessarily erase penalties that could be associated with his conviction.

Schneider, who was sentenced to six years, doe

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