(CNN) — President Donald Trump commuted the sentence of David Gentile, a private equity executive who was convicted and sentenced to seven years in prison for a fraud scheme, according to a White House official.

Gentile, the former CEO and owner of GPB Capital Holdings, and Jeffry Schneider of Ascendant Capital, were convicted in August 2024 on charges of securities and wire fraud. They were sentenced in May. It does not appear that Schneider’s sentence was commuted.

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