They are Brian Rice, who formerly headed Key Banks operations in much of Oregon, Andrew MacRitchie, The Scotland native who came to Portland when when Scottish Power purchased PacifiCorp, and N. Scott Gillis, the former chief financial officer. 2023 Advance Local Media LLC. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Main Office: All material subject to strictly enforced copyright laws. But prosecutors allege the Aequitas executives lied about the firms financial performance. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. For 23 years, Brian Oliver was the classic second-in-command at Aequitas Management LLC, the earnest, low-key straight arrow to the company's colorful alpha-dog CEO Bob Jesenik. According to court documents, Oliver, 54, of Aurora, Oregon, and unnamed co-conspirators used the Lake Oswego, Oregon, based company to solicit investments in a variety of notes and funds, many of which were purportedly backed by trade receivables in education, health care, transportation, and other consumer credit areas. Lock Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Gillis, who was previously indicted for conspiring to submit false statements to a federally insured creditor, was the companys chief operating officer and chief financial officer. It is believed that since he was ousted from Aequitas, Jesenik has been working for a company founded by his son: KCR Advisors LLC, based in Viero Beach, Fla. An earlier indictment against Gillis will be dismissed. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) I have really enjoyed working with Seth, Brian and the Cathedral team. He committed suicide in an attempt to hide . 3 Executives of Aequitas Management LLC Charged for Fraud Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Janke becomes second Aequitas executive to plead guilty; could get The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography There was no more hiding the fact that Aequitas was broke. Oliver is the first former Aequitas Capital executive to be criminally charged. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. A federal grand jury in the District of Oregon returned an indictment today charging four founders of Forsage, a purportedly decentralized finance (DeFi) cryptocurrency investment platform, for their roles in On February 6, 2023, a Russian cryptocurrency money launderer previously extradited from the Netherlands to face charges in the District of Oregon pleaded guilty in federal court. Luminaries from the downtown business establishment wanted to join the team. As part of the plea agreement, Oliver has agreed to pay restitution in full to each of victims as determined and ordered by the court. Aequitas investors filed a $350 million class-action lawsuit in April 2016, less than a month after the SEC charged Aequitas Management LLC and four affiliates, as well as three executivesCEO Robert Jesenik, executive vice president Brian Oliver, and CFO and chief operating officer N. Scott Gilliswith hiding the deteriorating financial ORDER Defendant released on previous conditions. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Portland, Oregon 97204 This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. | Editor (Entered: 04/19/2019) The company had three policies each for $5 million of coverage. SEC charges advisor over Aequitas conflicts of interest. SEC Posts Notice of Covered Action Regarding Case Against Aequitas Aequitas collapsed in 2016 owing about $600 million to investors. Former Aequitas CEO testifies in divorce trial Portland, Oregon 97204 According to court documents, Jesenik, Gillis, MacRitchie, Rice, and others used the Lake Oswego company to solicit investments in a variety of notes and funds, many of which were purportedly backed by trade receivables in education, health care, transportation, and other consumer credit areas. But this one was worse. He is scheduled to be. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. There was the motorcycle leasing company. Scott Bradford is the lead prosecutor on the case. Our team of expertsis available to help your business build value in a variety of ways including: assessments, strategic planning, corporate financing, M&A support, market research, growth marketingandmuch more! U.S. Attorney's Office, District of Oregon, Former Aequitas Senior Executive and Chief Financial Officer Pleads Guilty to Making False Statements to a Creditor, Forsage Founders Indicted in $340M DeFi Crypto Scheme, Russian Cryptocurrency Money Launderer Pleads Guilty, Former Fugitive Wanted in Oregon for Real Estate Scam Pleads Guilty, Former Aequitas Senior Executive and Chief Financial Officer Pleads Guilty To Making False Statements To a Creditor. Ledger left the company in 2005 in a highly controversial and public way. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Rice served as Aequitass executive vice president and president of wealth management. The Oregon firm thought it had hit the motherlode when it got into the college debt business. The company's general counsel just quit. ORDER Presentence Report to be prepared by U.S. Share sensitive information only on official, secure websites. Gillis was the second Aequitas chief financial officer. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. In a separate administrative proceeding, Jesenik, Oliver, and Gillis were barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical ratings organization, the SEC said. U.S. Attorney's Office, District of Oregon, Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Laundering Conspiracy, Forsage Founders Indicted in $340M DeFi Crypto Scheme, Russian Cryptocurrency Money Launderer Pleads Guilty, Former Fugitive Wanted in Oregon for Real Estate Scam Pleads Guilty, Former Aequitas CEO and Senior Executives Indicted In Fraud and Money Laundering Conspiracy. Defendant advised of rights. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Rice included in his court filings a copy of an April 23 letter from the U.S. Attorneys office in Portland informing him that you are a subject of a federal criminal investigation concerning fraud that occurred at Aequitas.. District of Oregon | Former Aequitas Owner and Chief Financial Officer Prosecutors' wide net: Prominent Portland executives sucked into On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas In what could be the largest settlement of a securities lawsuit in Oregon history, settlements of at least $234.6 million have been secured for some 1,600 investors in a class action against third. Community Rules apply to all content you upload or otherwise submit to this site. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. | Privacy Statement. B. Seven years ago, it was easy to believe in Aequitas. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. There are also questions about whether Jesenik and other defendants spent the money appropriately. YouTubes privacy policy is available here and YouTubes terms of service is available here. He pled guilty but has not yet been sentenced. Government summarized charges and terms of plea agreement. On January 26, 2023, a California man who evaded federal authorities for more than two decades after being convicted at trial and who was wanted in District of Oregon for District of Oregon As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. The agency on Wednesday barred Aequitas partial owner and chief executive Robert Jesenik, 60, partial owner and executive vice president Brian Oliver, 55, and former chief financial officer N. Forgot your password? Aequitas Management LLC and four affiliates allegedly defrauded more than 1,500 investors nationwide into believing they were making health care, education, and transportation-related investments when their money was really being used in a last-ditch effort to save the firm. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Get started today before this once in a lifetime opportunity expires. He was the British honorary consul to Portland. Cookie Settings/Do Not Sell My Personal Information. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. By the time Corinthian filed for bankruptcy and students went on strike refusing to pay their loans some 75% of the receivables of the Aequitas notes came from the for-profit scam, according to RIA Intels first story on Aequitas. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . | Link Errors The SECs complaint alleged that Jesenik and Oliver were aware of Aequitass calamitous financial condition yet continued to solicit millions of dollars from investors to pay the firms ever-increasing expenses and attempt to stave off the impending collapse of the business. It added that Gillis allegedly concealed the firms insolvency from investors and was aware that Jesenik and Oliver continued soliciting investors so that Aequitas could pay operating expenses and repay earlier investors with money from new investors.. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Official websites use .gov PORTLAND, Ore.A former senior executive and chief financial officer of Aequitas Management, LLC, and several other entities formerly owned by Aequitas, pleaded guilty today to submitting a false statement to an Aequitas creditor to obtain a $4.2 million loan for the now-defunct company. Much of the cash went to make the payments owed to other investors. Oliver, former second-in-command at Aequitas, pleads guilty to fraud Oliver was the primary fundraiser for ACF and the Aequitas Funds and a member of the management committees responsible for selecting or approving the investments made with investor . More Local News to Love Start today for 50% off Expires 3/6/23. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Aequitas also had tentacles spread throughout the RIA world. ) or https:// means youve safely connected to the .gov website. From June 2014 through February 2016, Oliver and others solicited investors by misrepresenting the companys use of investor money, the financial health and strength of Aequitas and its related companies, and the risks associated with its investments and investment strategies. Court finds defendant capable and competent to enter plea. But it appears they are far from done. The Government does not seek detention and Defendant is released on conditions. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle 04/19/2019 10 Minutes of Proceedings: First Appearance on Information and Arraignment held before Magistrate Judge Stacie F. Beckerman as to Defendant Brian A. Oliver on 4/19/2019. 2 executive Brian Oliver pleaded guilty to the same charges in April. Brian received a Bachelor of Science degree from Oregon State University. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. On March 10, 2016, the Securities and Exchange Commission (" SEC ") filed a complaint in this Court against the Entity Defendants 1 and three individual defendants, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis. They agreed to plead guilty and cooperate with the government.. ORDER granting the Government's oral motion to unseal the case. View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. Portland, Oregon 97204 Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. 2023 InvestmentNews LLC. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. He established and maintained the companys accounting principles, practices, procedures and initiatives, prepared financial reports and presented findings and recommendations to the executive teams, and oversaw all financial functions. After graduating from Oregon State University in 1987 with a degree in Finance and minor in Economics, Brian spent the next 10 years in commercial banking with US Bank before embarking on 20 years in the Investment Banking and Alternative Asset Management industry. They hurt a whole lot of people.. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Marketing? But they made good money for Aequitas and its investors. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Plus, three other Aequitas defendants former second-in-command Brian Oliver and N. Scott Gillis and Olaf Janke, former Aequitas chief financial officers have pleaded guilty to fraud and. They've got that too. Its been a long time coming, Kayser said. Brian Oliver - Senior Advisor & President, Cathedral Finance Share sensitive information only on official, secure websites. An official website of the United States government. Oliver was also charged criminally for his conduct. More Local News to Love Start today for 50% off Expires 3/6/23. President, Cathedral Finance|Senior Advisor. Also charged are Nelson Scott Gillis, 67, of Lake Oswego, Oregon; Brian K. Rice, 54, of Portland; and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. From June 2014 through February 2016, the former executives solicited investors by misrepresenting the companys use of investor money, the financial health and strength of Aequitas and its related companies, and the risks associated with its investments and investment strategies. SEC bars Aequitas execs after $540m judgement against Oregon firm The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. A Salem, Oregon man pleaded guilty today for using Twitter to threaten violence against employees of Robinhood Markets, Inc., an online financial services company based in Menlo Park, California. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Another was a utility executive who helped change Portlands business landscape. A .gov website belongs to an official government organization in the United States. Brian Oliver, Aequitas Capital's longtime No. Other funds went to pay their salaries. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Bob Jesenik and Brian Oliver, the long-time chief executive and second-in-command at the Lake Oswego financial firm, said any misstatements they may have made to investors were simply. Brian A. Oliver, a former owner and executive vice president of Aequitas Management, LLC and several other Aequitas-related companies pleaded guilty to conspiring to commit mail and wire fraud and money laundering. II. All Rights Reserved. The SEC alleges that CEO Robert J. Jesenik and executive vice president Brian A. Oliver were well aware of the firm's dire financial status but continued to solicit hundreds of millions of dollars in investments to stave off the firm's complete collapse. Court orders Aequitas to disgorge $453 million in fraud case The Lake Oswego, Ore.-based investment management firm was the subject of a Securities and Exchange Commission complaint filed in 2016 alleging that Aequitas defrauded more than 1,500 investors into believing they were putting their money into health care, education and transportation investments when their money was being used primarily in a Ponzi-like fashion. One of Aequitas biggest moneymakers disappeared almost overnight. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Claim Data and Trends - EPIC Insurance Brokers & Consultants There was the commercial lender. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Defendant sworn and examined. I have really enjoyed working with Seth, Brian and the Cathedral team.. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Aequitas investors lost about $600 million after the collapse. They agreed to plead guilty and cooperate with the government. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. A locked padlock Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 1000 SW Third Ave Suite 600 Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting Sentencing materials are due no later than 7/31/2019. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Email USAO-OR. Attorney Billy J. Williams announced today that Olaf Janke, a former owner and chief financial officer of Aequitas Management, LLC and several other Aequitas-owned entities, has pleaded guilty to conspiring to commit mail and wire fraud and money laundering. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Once a high-flying Lake Oswego . Gillis was the second Aequitas chief financial officer. They remain active in their local church as well as volunteer with several other local non-profits, and in their leisure time enjoy hiking and camping in their travel trailer when not otherwise spending time with their two adult children. Mike Esler, another attorney for Aequitas investors, credited federal prosecutors for sticking with an extremely complex case all the way to the indictment of Aequitas leader Jesenik. Secure .gov websites use HTTPS CEO Robert Jesenik will have to pay $1.57 million to settle fraud charges, while executive vice president Brian A. Oliver and former CFO N. Scott Gillis will each have to pay hundreds of thousands of dollars as part of a consent decree finalized in Oregon federal court on April 13. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Subsequent reports detailed Aequitas default on its debt, the resulting panic among investors, the secret conflicts, and the firms strange cultural mashup -- part Wall Street investment bank, part frat party, part Bible class. Court finds guilty pleas to be knowing and voluntary. Former Aequitas executives and co-conspirators Brian A. Oliver and Olaf Janke previously pleaded guilty to conspiring to commit mail and wire fraud and money laundering on April 19, 2019, and June 10, 2019, respectively. Please sign in or register to comment. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. 1000 SW Third Ave Suite 600 Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. The court also required Robert J. Jesenik, the firms former CEO, and Brian A. Oliver, its former executive vice president, to pay $940,806 and $235,928, respectively, in disgorgement and interest. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. If convicted on all charges, each of the defendants could face decades in prison and millions of dollars in fines and restitution, as well as five years supervised release following their prison terms. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Re: United States of America v. Brian A. Oliver - MoreLaw Guilty pleas entered as to Counts 1 and 2 of the Information. Attorney Billy J. Williams announced today that Brian A. Oliver, a former owner and executive vice president of Aequitas Management, LLC and several other Aequitas-related companies has pleaded guilty to conspiring to commit mail and wire fraud and money laundering. On August 11, 2020, the U.S. Attorneys Officeannounced that Gillis had been charged in a 34-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. It began to default on the interest payments owed its legion of mom and pop investors. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Plea Petition and Plea Agreement signed and accepted by the Court. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit Brian Oliver - Technical Specialist - BCX | ZoomInfo MacRitchie was the companys executive vice president and chief compliance officer. A locked padlock The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Jesenik will have to pay $1.57 million in disgorgement, interest and penalties, while Oliver will pay $235,928 in disgorgement and interest, and Gillis will pay a $300,000 civil penalty. In reporting on the Aequitas claim, a local publication, The Oregonian, wrote: "Aequitas never gained the local reputation for integrity and savvy that its executives longed for. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. 2020 update: Aequitas investors recoup some money. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Defendant waived reading of the Information. Reset here, 1999 - 2023 citywire.com. A locked padlock At a hearing in U.S. District Court on Monday, Janke confirmed that as part of his plea agreement, he would oppose any sentence of less than three years. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Until now, Rice and MacRitchie have faced minimal legal expenses. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Attorney Billy J. Williams announced today that Robert J. Jesenik, 61, a former chief executive officer of Aequitas Management, LLC and several other Aequitas-owned entities, has been indicted along with three other former company executives for their roles in a fraud and money laundering conspiracy.
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