brian oliver, aequitas

2020 update: Aequitas investors recoup some money. Main Office: An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. 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. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Worse, regulators from the U.S. Consumer Financial Protection Bureau and the state Department of Justice began taking a hard look at the colleges agreement with Aequitas. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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 He is scheduled to be. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Brian Oliver, Aequitas Capital's longtime No. Greenspan uncovered a remarkable email exchange between Aequitas co-founder Brian Oliver and Andrew MacRitchie, the firm's one-time chief compliance officer, which seems to indicate they were. Not guilty pleas and denial of forfeiture allegation entered. 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. He was even on the board of the Arlington Club. Bob Jesenik, the co-founder and face of the defunct Lake Oswego investment firm Aequitas Management, was indicted Tuesday on charges he defrauded hundreds of its former clients. 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.. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Until now, Rice and MacRitchie have faced minimal legal expenses. All Rights Reserved. YouTubes privacy policy is available here and YouTubes terms of service is available here. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. They hurt a whole lot of people.. 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. Another was a utility executive who helped change Portlands business landscape. Oliver was also charged criminally for his conduct. 13. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 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. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. They agreed to plead guilty and cooperate with the government. One of Aequitas biggest moneymakers disappeared almost overnight. II. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. He declined to comment. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) This is a company that talked a woman into investing nearly her entire retirement nest-egg -- about half-a-million dollars - in October 2015, Kayser said. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Its been a long time coming, Kayser said. | Articles Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. A lock ( Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 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 . But I think my clients will be thrilled. 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. Jesenik also must pay a civil penalty of $625,000. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. 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. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. They both opted not to talk. There was the commercial lender. Have a question about Government Services? He was the British honorary consul to Portland. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. But they made good money for Aequitas and its investors. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. The high-interest loans were terrible for students. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. If you need help with finances, they've got that covered. Brian A. Oliver, age 51, resides in Aurora, Oregon. 2023 Advance Local Media LLC. 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. 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. The SECs complaint, filed on March 10, 2016, alleged that Aequitas Management and four affiliates defrauded more than 1,500 investors nationwide when that money was being used primarily to cover operating losses and to pay earlier investors in a Ponzi-like fashion, according to an April 24 SEC press release on the final judgment. Gillis was the second Aequitas chief financial officer. All three are permanently barred from the securities industry. Defendant sworn and examined. (See separate order.) Seven years ago, it was easy to believe in Aequitas. Learn more about reprints and licensing for this article. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Brian has been a Senior Advisor with Cathedral Consulting since 2017. Reset here, 1999 - 2023 citywire.com. The company's general counsel just quit. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Official websites use .gov A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. 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. As part of their plea agreements, they have both agreed to pay restitution in full to their victims as determined and ordered by the court. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. The Oregonian first reported the criminal charges and guilty plea. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Portland, Oregon 97204 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: Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Jesenik, a former resident of West Linn, Oregon, is charged in a 32-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. | Sign In, Verdict Corrections It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. A .gov website belongs to an official government organization in the United States. Aequitas collapsed in 2016 owing about $600 million to investors. 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. According to a Complaint filed on March 10, 2016 in Oregon federal district court, the SEC has brought claims against Aequitas Management, LLC (CRD# 143780/SEC# 801-68039) and three Aequitas executives, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis for defrauding investors and for a breach of fiduciary duties. By early January 2016, Aequitass general counsel advised Gillis and other executives that the company would soon default on payments due to Private Note investors, causing an event of default on Aequitass loan agreement with Wells Fargo. 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. Lock Lock 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. Scott Gillis, 66, from the securities industry for their roles in a scheme that bilked hundreds of millions from investors. An official website of the United States government. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Much of the cash went to make the payments owed to other investors. All material subject to strictly enforced copyright laws. 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. Gillis was charged alongside former Aequitas CEO Robert J. Jesenik, 62, of West Linn, Oregon, and former Aequitas executives Brian K. Rice, 55, of Portland, and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. They agreed to plead guilty and cooperate with the government.. Court finds defendant capable and competent to enter plea. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. If the sentencing materials are not received on time or the Court is not advised that none will be filed, the sentencing may be rescheduled. 0. Aequitas specialized in debt. Secure .gov websites use HTTPS Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Share sensitive information only on official, secure websites. Sam Kauffman is MacRitchies attorney. As previously reported by RIA Intel, Aequitas claimed to manage $1.67 billion before it collapsed, which would likely make its downfall Oregons biggest-ever investment scandal. Sentencing materials are due no later than 7/31/2019. Rice served as Aequitass executive vice president and president of wealth management. 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). Gillis was the second Aequitas chief financial officer. Scott Bradford is the lead prosecutor on the case. Defendant waived reading of the Information. 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. | Editor Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. I have really enjoyed working with Seth, Brian and the Cathedral team.. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. It is free to register and only takes a minute or two. Aequitas Management, the Oregon-based RIA accused in 2016 of running a massive Ponzi-like scheme, and its top executives have finally settled with the Securities and Exchange Commission. PORTLAND, Ore.U.S. They've got that too. 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.