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PRETEND

I Beg Your Pardon part 2

PRETEND

Javier Leiva

Society & Culture, True Crime, Technology

4.72.6K Ratings

🗓️ 17 March 2026

⏱️ 41 minutes

🧾️ Download transcript

Summary

Twelve days. That’s how long David Gentile spent in federal prison for a $1.8 billion fraud that wiped out the retirement savings of 17,000 people. On Thanksgiving 2025, President Trump signed a one-page clemency grant, commuting Gentile’s seven-year sentence to time served and erasing a $15 million restitution order in the process. In this episode, we talk to one of those 17,000 victims, CarolAnn Tutera, a 70-year-old still working because she can’t afford not to. We also talk to securities fraud attorney Adam Gana and Ponzi Playbook co-host Neal McTighe about how the scheme worked, what the pardon means, and what it says about the current climate for white collar crime. CarolAnn Tutera GPB Capital investor and CEO of Tutera Medical tuteramedical.com Adam Gana Securities fraud attorney, Gana LLP ganalawfirm.com/adam-gana Neal McTighe Co-host, Ponzi Playbook podcast Ponzi Playbook on Spotify The Conviction and Sentencing DOJ Press Release justice.gov The Blueprint of the Fraud SEC Civil Complaint sec.gov The White House Response Forbes Breaking News — search: “Karoline Leavitt Asked About Trump’s Commutation Of Private Equity CEO’s Fraud Sentence” 00:00  CarolAnn’s Story 04:06  David Gentile’s Promise 04:38  I Beg Your Pardon 07:02  How a Ponzi Scheme Works 14:21  The Smoking Gun Emails 15:47  CarolAnn’s $400K 16:42  The Takedown 18:38  The Verdict 19:22  The Pardon 20:06  The White House Response 23:12  Restitution Wiped Out 29:51  The Pay-to-Play Pattern 33:41  The Perfect Storm GuestsResourcesChapters36:44  Ponzi Playbook Returns Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

True Story Media.

0:07.5

Dr. Gino Dutera was a well-known OBGYN and pioneer in the field of hormone replacement therapy.

0:19.6

His wife, Carol Ann, wasn't just his partner in life.

0:23.1

She actually helped him build and run their clinic, helping their patients age more gracefully.

0:29.4

But in 2014, everything changed because Dr. Gino fell ill and was admitted to the hospital.

0:37.4

Unfortunately, he was having a lot of stomach pains. Ended up. fell ill and was admitted to the hospital.

0:40.2

Unfortunately, he was having a lot of stomach pains.

0:46.1

Ended up from there, it just tumbled into one thing after another after another that he kept going in and out of hospital, passed away six weeks later, and I was in shock.

0:51.6

Carol Ann was left to run their clinic and managed their finances all on her own.

0:56.0

Everything was happening at once and she needed some help with her money.

1:00.0

A friend of mine here in the publishing industry in Scottsdale introduced me to

1:05.0

my financial advisor here in Scottsdale that got me to invest in all the funds that were coming out of the company on the East Coast.

1:14.5

He happens to be from Topeka, Kansas. I'm from the Kansas City area. So you think, you know, you've got a nice Midwest bond there.

1:23.0

The financial advisor assured her that her money was safe. She's going to get steady returns,

1:28.6

an investment that would carry her through retirement.

1:31.6

Things were humming along just fine for a while, and he would, you know, oh, I'm going to invest

1:37.6

you in this. I'm going to do this. Oh, and I've got my parents in it too. Don't you worry.

1:42.1

Everything's great and wonderful. Everything's moving along well.

1:46.0

That company was GPB Capital, a private equity firm run by a Long Island accountant named David Gentile.

1:54.0

GPB Capital promised investors a steady 8% annual return. It's modest enough to seem credible, but high enough to be attractive.

2:03.6

And for a while, it worked. Monthly distributions arrived.

2:07.6

Investors like Carol Ann got regular monthly distributions. They arrived like clockwork.

...

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