2020 update: Aequitas investors recoup some money. Main Office:
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. 2023 RIA Intel, an Institutional Investor Publication. The company opened slick new offices in New York City. MacRitchie, the former utility executive, was the picture of respectability. 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. As Aequitas grew, its profile in the community also increased. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. 2023 InvestmentNews LLC. Community Rules apply to all content you upload or otherwise submit to this site. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Recently, MacRitchie has incurred defense costs in connection with the DOJ investigation and expects to continue to incur Defense Costs in that matter, his lawyer said in a court filing. PORTLAND, Ore.U.S. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Plea Petition and Plea Agreement signed and accepted by the Court. | Recent Lawyer Listings Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Official websites use .gov 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? 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Oliver was the companys primary fundraiser and shared responsibility for the operation and management of Aequitas-affiliated companies and investment products as well as for the use of investor money. Rice acknowledged in court filings that he's a suspect in the case. If you missed the last issue of InvestmentNews, you can access it here. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Lock Cookie Settings/Do Not Sell My Personal Information. 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. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. They've got that too. Aequitas did make legitimate investments. A .gov website belongs to an official government organization in the United States.
| Link Errors A locked padlock It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. The company's general counsel just quit. Gillis was the second Aequitas chief financial officer. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Government summarized charges and terms of plea agreement. PORTLAND, Ore.U.S. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. He argues he needs the money to help defray losses suffered by Aequitas investors. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. | Advertising Secure .gov websites use HTTPS 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. 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. Once a high-flying Lake Oswego . In a divorce settlement filed with the court, it's. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Accounting giant Deloitte, stock trader T.D. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Luminaries from the downtown business establishment wanted to join the team. A locked padlock Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Signed on 4/19/2019 by Judge Michael W. Mosman. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. An official website of the United States government. Attorneys for the District of Oregon. In April, Brian Oliver, Aequitas. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. Share sensitive information only on official, secure websites. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. [More: Aequitas meltdown underscores the importance of due diligence, caution]. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. But much of that money has already been spent. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Guilty pleas entered as to Counts 1 and 2 of the Information. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Cookie Settings/Do Not Sell My Personal Information. A .gov website belongs to an official government organization in the United States. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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. Email USAO-OR. The default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. 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. Oliver and his co-conspirators also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. 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. ) or https:// means youve safely connected to the .gov website. All rights reserved (About Us). In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. The firm purchased or invested in other financial firms, many of them glorified debt collectors. That has changed as the criminal case nears the indictment stage. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Exec VP & Pres:Financial Svcs, Aequitas Capital Mgmt Inc. (chso). A lock ( Other funds went to pay their salaries. 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. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Share sensitive information only on official, secure websites. There was the motorcycle leasing company. It began to default on the interest payments owed its legion of mom and pop investors. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Longtime Aequitas No. Main Office:
Rice headed Key Bank in Oregon for 12 years. 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. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. (1) 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. 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. (Entered: 04/19/2019) Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. The Government does not seek detention and Defendant is released on conditions. The company's general counsel just quit. The complaint also alleges that Aequitas Capital Management Inc. and Aequitas Investment Management LLC violated Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, and that Jesenik, Oliver, and Gillis aided and abetted the violations of Aequitas and the affiliated entities. Jesenik founded the Aequitas group of companies, and, as chief executive officer, controlled the organizations structure and had ultimate decision-making authority over company activities. More Local News to Love Start today for 50% off Expires 3/6/23. 2023 Advance Local Media LLC. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Have a question about Government Services? Brian Oliver President, Cathedral Finance | Senior Advisor Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 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. Main Office: