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Gentile, who has resigned as GPB’s CEO, and two associates also are charged by the U.S. Department of Justice with conspiracy to commit wire fraud, conspiracy to commit securities fraud, and securities fraud. Gentile pleaded not guilty to those charges, as well as a wire fraud charge.
Gardemal, in the letter, said audit and valuation reports haven’t been completed for GPB by outside consultants.
“We continue to work with management in connection with the development of the most appropriate investment strategy for each of the GPB funds moving forward,” he wrote. “Further, my team continues to work with management in connection with determination of the most appropriate approach to the retention or disposition of certain assets of GPB.”
The SEC wanted the monitor to protect GPB’s assets, including the more than three dozen Prime dealerships which it said represent at least 70 percent of GPB’s revenue. Several states also have filed lawsuits against GPB and individual defendants.
Prime Automotive Group of Westwood, Mass., ranks No. 18 on Automotive News‘ list of the top 150 dealership groups based in the U.S., retailing 31,529 new vehicles in 2020.