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. Gillis was the second Aequitas chief financial officer. Investors had been bilked out of hundreds of millions of dollars, the SEC said. The firm was growing quickly, it did business with some of the best-known investment advisors in the country, it claimed to have more than $1 billion under management. ) or https:// means youve safely connected to the .gov website. District of Oregon
2023 Advance Local Media LLC. Brian Oliver, Aequitas Capital's longtime No. Guilty pleas entered as to Counts 1 and 2 of the Information. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. The company's general counsel just quit. 3 Executives of Aequitas Management LLC Charged for Fraud The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. All three are permanently barred from the securities industry. 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. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. A .gov website belongs to an official government organization in the United States. He pled guilty but has not yet been sentenced. 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 committed suicide in an attempt to hide . 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. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Gillis was the second Aequitas chief financial officer. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. The high-interest loans were terrible for students. Collectively, the defendants also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use of investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. District of Oregon | Former Aequitas Owner and Executive Vice President Have a question about Government Services? Defendant advised of rights. The company's general counsel just quit. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Accounting giant Deloitte, stock trader T.D. Portland, Oregon 97204
It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Defendant sworn and examined. Ledger left the company in 2005 in a highly controversial and public way. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Court finds guilty pleas to be knowing and voluntary. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 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. 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. In a separate proceeding, the SEC barred the three from the securities industry. Use of editorial content without permission is strictly prohibited|All rights reserved, Securities and Exchange Commission complaint filed in 2016, Aequitas meltdown underscores the importance of due diligence, caution, Fintech Bytes: RBC selects Vestwell, Riskalyze partners with Opto, Morgan Stanley ESG ETFs get the cold shoulder, HSA participants fail to take full advantage of tax trifecta, Investors keep dumping Blackstone REIT shares, Striving to win at compassion? 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
04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. 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. All material subject to strictly enforced copyright laws. If you missed the last issue of InvestmentNews, you can access it here. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. A lock ( YouTubes privacy policy is available here and YouTubes terms of service is available here. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. The company opened slick new offices in New York City. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. But much of that money has already been spent. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Not guilty pleas and denial of forfeiture allegation entered. Former Aequitas CEO testifies in divorce trial His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Court orders Aequitas to disgorge $453 million in fraud case The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. It began to default on the interest payments owed its legion of mom and pop investors. Brian received a Bachelor of Science degree from Oregon State University. 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. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Share sensitive information only on official, secure websites. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. More Local News to Love Start today for 50% off Expires 3/6/23. 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. One of Aequitas biggest moneymakers disappeared almost overnight. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. But this one was worse. Court: United States District Court for the District of Oregon (Multnomah County), Plaintiff's Attorney: Scott E. Bradford and Ryan W. Bounds, Defendant's Attorney: Kendra M. Matthews and Whitney Patrick Boise, 18:1341 and 18:1343 CONSPIRACY TO COMMIT MAIL AND WIRE FRAUD An official website of the United States government. B. 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. 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. 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. Brian Oliver - Senior Advisor & President, Cathedral Finance brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas A locked padlock He was the British honorary consul to Portland. Main Office:
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. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 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 and his wife of 30 years live in Aurora, Oregon where they raised their family. A locked padlock Defendant waived reading of the Information. Seven years ago, it was easy to believe in Aequitas. Cookie Settings/Do Not Sell My Personal Information. 13. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Secure .gov websites use HTTPS 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. Brian provides Cathedral particular expertise in leading Merger & Acquisition transactions and arranging Corporate Finance solutions for its clients, after having been involved in extensive transactions of all sizes throughout his career. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. ) or https:// means youve safely connected to the .gov website. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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). But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. MacRitchie, a former ScottishPower and PacifiCorp executive, said in court filings that he too has incurred defense costs in connection with the DOJ investigation. Whether prosecutors consider MacRitchie a target or witness or some other category is unclear. SEC bars Aequitas execs after $540m judgement against Oregon firm Aequitas specialized in debt. 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 fallout continues in the Aequitas Management scandal, which has produced guilty pleas, jail sentences, big-dollar fines and, now, additional bans from the industry by the Securities and Exchange Commission (SEC). The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Marketing? Until now, Rice and MacRitchie have faced minimal legal expenses. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas Commercial Finance, LLC; Aequitas Capital Management, Inc.; Aequitas Investment Management, LLC; Robert J. Jesenik; Brian A. Oliver; and N. Scott Gillis Case Number: 16-cv-00438 (United States District Court for the District of Oregon) Date Filed: March 10, 2016 The company's general counsel just quit. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC | Link Errors He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. 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. 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. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. 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. brian oliver, aequitas Former Aequitas Owner and Executive Vice President . He is scheduled to be. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. He argues he needs the money to help defray losses suffered by Aequitas investors. They hurt a whole lot of people.. The company had three policies each for $5 million of coverage. 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). Attorneys for the District of Oregon. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. 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SEC Posts Notice of Covered Action Regarding Case Against Aequitas Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Rice acknowledged in court filings that he's a suspect in the case. 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. Other funds went to pay their salaries. 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. They've got that too. PDF United States of America Securities and Exchange Commission Investment I have really enjoyed working with Seth, Brian and the Cathedral team. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. | Store Portland, Oregon 97204
Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Oliver is the first former Aequitas Capital executive to be criminally charged. As part of the final consent judgment, the defendants are prohibited from soliciting anyone to purchase or sell a security and prohibiting them from participating in the issuance, offer, or sale of any security of an entity they control, the SECs release stated. 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. Share sensitive information only on official, secure websites. 2020 update: Aequitas investors recoup some money. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 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. Gillis was the second Aequitas chief financial officer. In a divorce settlement filed with the court, it's. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. Aequitas Capital Management Lawsuit - Law Meg 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.. 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. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. District of Oregon | Former Aequitas Owner and Chief Financial Officer Bob Jesenik, three other former Aequitas executives - Oregonlive Prosecutors' wide net: Prominent Portland executives sucked into Realized Launches Game Changing Platform for Direct Real Estate Investment, The CFP Board Calls Out Crypto in Code of Ethics and Standards, Modern Slavery Act Transparency Statement. 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. Main Office:
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Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Rice headed Key Bank in Oregon for 12 years. It is free to register and only takes a minute or two. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Now both have been sucked into the criminal fraud investigation of the collapsed firm. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. SEC charges advisor over Aequitas conflicts of interest. Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty Oliver, former second-in-command at Aequitas, pleads guilty to fraud Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. An official website of the United States government. | Recent Lawyer Listings District of Oregon | Former Aequitas Senior Executive and Chief 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! Lock In addition, it said Gillis agreed to be permanently suspended from appearing and practicing before the SEC as an accountant and cannot work as an auditor for pubic companies. Aequitas investors lost about $600 million after the collapse. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. MacRitchie was the companys executive vice president and chief compliance officer. They are also prohibited from violating the SECs antifraud provisions. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. 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. 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Email USAO-OR. 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. 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. PORTLAND, Ore.U.S. Redmond adviser caught in Oregon firm's $600M financial collapse Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography Lock Please sign in or register to comment. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING