Topline: Serhat Gumrukcu’s conviction followed years of investigation into the killing of Gregory Davis and related wire fraud.
Published: October 9, 2025 12:30 pm ET
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Serhat Gumrukcu (via Instagram)
BURLINGTON, VT — A former magician turned biotech entrepreneur was sentenced to life in prison for arranging the murder of his business rival in Vermont in 2018, according to federal prosecutors.
A news release from the U.S. Department of Justice stated that Serhat Gumrukcu, 42, was convicted of three felonies related to the killing of Gregory Davis, a 49-year-old businessman who threatened to expose Gumrukcu’s history of fraud.
A federal jury convicted Gumrukcu, a Turkish national, of murder-for-hire, conspiracy to commit murder-for-hire and wire fraud conspiracy.
Gumrukcu’s background included a purchased medical degree from a Russian university, a move to Hollywood, partying with celebrities, and negotiating biotech deals. According to The Wall Street Journal, he claimed to have found a cure for HIV and was involved in high-profile business ventures.
Prosecutors said he planned the killing to protect a multimillion-dollar biotech merger and eliminate Davis, who questioned his fraudulent past and involvement in a collapsed oil deal.
Davis was shot and killed on January 6, 2018, after being abducted from his home in Barnet, Vermont. According to court records cited by VTDigger, Jerry Banks posed as a U.S. Marshal and told Davis he was under arrest for racketeering. Banks handcuffed Davis, drove him about 10 miles away, and shot him in the back and head. His body was found in a snowy roadside ditch the next day.
Federal investigators said they quickly uncovered the connection between Davis and Gumrukcu through emails and messages revealing growing tension between the two men. Gumrukcu was arrested in May 2022.
According to the Justice Department, Gumrukcu directed his close friend Berk Eratay to find someone to carry out the killing. Eratay contacted Aron Ethridge, who then hired Banks to carry out the murder. All three men were sentenced last week.
Eratay received 110 months in prison followed by three years of supervised release. Ethridge was sentenced to 140 months in prison and five years of supervised release. Banks’ sentencing details were not included in the Justice Department’s October 1 release.
Gumrukcu’s conviction for wire fraud stemmed from fraudulent activities related to the failed oil deal with Davis. Prosecutors said Davis had threatened legal action, prompting Gumrukcu to arrange the killing.
During the trial, Gumrukcu admitted to telling “so many lies” over the years that he could not remember them all, VTDigger reported.
Melissa Davis, Gregory Davis’ widow, addressed Gumrukcu in court, saying she had given birth to their seventh child shortly after her husband’s death. “You thought you could silence my husband, but your lies die here in this courtroom,” she said, according to VTDigger.
The Justice Department said the case marked the conclusion of a years-long investigation into the murder-for-hire conspiracy.
Presumption of Innocence: A presumption of innocence means that any defendant in a criminal trial is presumed to be innocent until they have been proven guilty beyond a reasonable doubt in a court of law. The defendant in this case is only accused of the charges set forth in the criminal complaint. They are innocent until proven guilty.
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Fraud, Murder, and a Claimed HIV Cure: Businessman Sentenced to Life
Serhat Gumrukcu’s conviction followed years of investigation into the killing of Gregory Davis and related wire fraud.
By Kate Byrd
Published: October 9, 2025 12:30 pm ET
Serhat Gumrukcu (via Instagram)
BURLINGTON, VT — A former magician turned biotech entrepreneur was sentenced to life in prison for arranging the murder of his business rival in Vermont in 2018, according to federal prosecutors.
A news release from the U.S. Department of Justice stated that Serhat Gumrukcu, 42, was convicted of three felonies related to the killing of Gregory Davis, a 49-year-old businessman who threatened to expose Gumrukcu’s history of fraud.
A federal jury convicted Gumrukcu, a Turkish national, of murder-for-hire, conspiracy to commit murder-for-hire and wire fraud conspiracy.
Gumrukcu’s background included a purchased medical degree from a Russian university, a move to Hollywood, partying with celebrities, and negotiating biotech deals. According to The Wall Street Journal, he claimed to have found a cure for HIV and was involved in high-profile business ventures.
Prosecutors said he planned the killing to protect a multimillion-dollar biotech merger and eliminate Davis, who questioned his fraudulent past and involvement in a collapsed oil deal.
Davis was shot and killed on January 6, 2018, after being abducted from his home in Barnet, Vermont. According to court records cited by VTDigger, Jerry Banks posed as a U.S. Marshal and told Davis he was under arrest for racketeering. Banks handcuffed Davis, drove him about 10 miles away, and shot him in the back and head. His body was found in a snowy roadside ditch the next day.
Federal investigators said they quickly uncovered the connection between Davis and Gumrukcu through emails and messages revealing growing tension between the two men. Gumrukcu was arrested in May 2022.
According to the Justice Department, Gumrukcu directed his close friend Berk Eratay to find someone to carry out the killing. Eratay contacted Aron Ethridge, who then hired Banks to carry out the murder. All three men were sentenced last week.
Eratay received 110 months in prison followed by three years of supervised release. Ethridge was sentenced to 140 months in prison and five years of supervised release. Banks’ sentencing details were not included in the Justice Department’s October 1 release.
Gumrukcu’s conviction for wire fraud stemmed from fraudulent activities related to the failed oil deal with Davis. Prosecutors said Davis had threatened legal action, prompting Gumrukcu to arrange the killing.
During the trial, Gumrukcu admitted to telling “so many lies” over the years that he could not remember them all, VTDigger reported.
Melissa Davis, Gregory Davis’ widow, addressed Gumrukcu in court, saying she had given birth to their seventh child shortly after her husband’s death. “You thought you could silence my husband, but your lies die here in this courtroom,” she said, according to VTDigger.
The Justice Department said the case marked the conclusion of a years-long investigation into the murder-for-hire conspiracy.
Presumption of Innocence: A presumption of innocence means that any defendant in a criminal trial is presumed to be innocent until they have been proven guilty beyond a reasonable doubt in a court of law. The defendant in this case is only accused of the charges set forth in the criminal complaint. They are innocent until proven guilty.
Editor's Note: ThePo makes every effort to accurately transcribe the contents of affidavits of probable cause contained in criminal complaints. Often, the complaints themselves are copies of copies of faxed copies, and are difficult to read. To confirm the accuracy of our transcription, contact the Magisterial District Court listed above and request a copy of the criminal complaint. It's a public record to which you are entitled.
Must Read
Editor Picks
Latest Articles
Fraud, Murder, and a Claimed HIV Cure: Businessman Sentenced to Life
Serhat Gumrukcu’s conviction followed years of investigation into the killing of Gregory Davis and related wire fraud.
By Kate Byrd
Published: October 9, 2025 12:30 pm ET
Serhat Gumrukcu (via Instagram)
BURLINGTON, VT — A former magician turned biotech entrepreneur was sentenced to life in prison for arranging the murder of his business rival in Vermont in 2018, according to federal prosecutors.
A news release from the U.S. Department of Justice stated that Serhat Gumrukcu, 42, was convicted of three felonies related to the killing of Gregory Davis, a 49-year-old businessman who threatened to expose Gumrukcu’s history of fraud.
A federal jury convicted Gumrukcu, a Turkish national, of murder-for-hire, conspiracy to commit murder-for-hire and wire fraud conspiracy.
Gumrukcu’s background included a purchased medical degree from a Russian university, a move to Hollywood, partying with celebrities, and negotiating biotech deals. According to The Wall Street Journal, he claimed to have found a cure for HIV and was involved in high-profile business ventures.
Prosecutors said he planned the killing to protect a multimillion-dollar biotech merger and eliminate Davis, who questioned his fraudulent past and involvement in a collapsed oil deal.
Davis was shot and killed on January 6, 2018, after being abducted from his home in Barnet, Vermont. According to court records cited by VTDigger, Jerry Banks posed as a U.S. Marshal and told Davis he was under arrest for racketeering. Banks handcuffed Davis, drove him about 10 miles away, and shot him in the back and head. His body was found in a snowy roadside ditch the next day.
Federal investigators said they quickly uncovered the connection between Davis and Gumrukcu through emails and messages revealing growing tension between the two men. Gumrukcu was arrested in May 2022.
According to the Justice Department, Gumrukcu directed his close friend Berk Eratay to find someone to carry out the killing. Eratay contacted Aron Ethridge, who then hired Banks to carry out the murder. All three men were sentenced last week.
Eratay received 110 months in prison followed by three years of supervised release. Ethridge was sentenced to 140 months in prison and five years of supervised release. Banks’ sentencing details were not included in the Justice Department’s October 1 release.
Gumrukcu’s conviction for wire fraud stemmed from fraudulent activities related to the failed oil deal with Davis. Prosecutors said Davis had threatened legal action, prompting Gumrukcu to arrange the killing.
During the trial, Gumrukcu admitted to telling “so many lies” over the years that he could not remember them all, VTDigger reported.
Melissa Davis, Gregory Davis’ widow, addressed Gumrukcu in court, saying she had given birth to their seventh child shortly after her husband’s death. “You thought you could silence my husband, but your lies die here in this courtroom,” she said, according to VTDigger.
The Justice Department said the case marked the conclusion of a years-long investigation into the murder-for-hire conspiracy.
Presumption of Innocence: A presumption of innocence means that any defendant in a criminal trial is presumed to be innocent until they have been proven guilty beyond a reasonable doubt in a court of law. The defendant in this case is only accused of the charges set forth in the criminal complaint. They are innocent until proven guilty.
Editor's Note: ThePo makes every effort to accurately transcribe the contents of affidavits of probable cause contained in criminal complaints. Often, the complaints themselves are copies of copies of faxed copies, and are difficult to read. To confirm the accuracy of our transcription, contact the Magisterial District Court listed above and request a copy of the criminal complaint. It's a public record to which you are entitled.
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