All rights reserved (About Us). ORDER granting the Government's oral motion to unseal the case. 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). Brian received a Bachelor of Science degree from Oregon State University. 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. 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. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Main Office:
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[email protected]. An official website of the United States government. 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. 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. There was the motorcycle leasing company. 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. Email USAO-OR. The company had three policies each for $5 million of coverage. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 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. As Aequitas grew, its profile in the community also increased. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Share sensitive information only on official, secure websites. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas (See separate order.) 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. Please sign in or register to comment. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Secure .gov websites use HTTPS 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! On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Waiver of indictment signed and accepted by the Court. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 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. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 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 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. 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. It was the beginning of the end for the high-flying company. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. 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. He was even on the board of the Arlington Club. They are also prohibited from violating the SECs antifraud provisions. Aequitas investors lost about $600 million after the collapse. MacRitchie was the companys executive vice president and chief compliance officer. But much of that money has already been spent. A locked padlock 2 executive Brian Oliver pleaded guilty to the same charges in April. He was the British honorary consul to Portland. That has changed as the criminal case nears the indictment stage. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. 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. If you need help with finances, they've got that covered. Community Rules apply to all content you upload or otherwise submit to this site. 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. 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. In a separate proceeding, the SEC barred the three from the securities industry. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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
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. PORTLAND, Ore.U.S. If you missed the last issue of InvestmentNews, you can access it here. 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. 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? 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. 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. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Cookie Settings/Do Not Sell My Personal Information. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. More Local News to Love Start today for 50% off Expires 3/6/23. Brian Oliver, Aequitas Capital's longtime No. 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. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. As U.S. Judge Magistrate Paul Papak noted in an October 2017 ruling, at that point 61 percent of the defense cost payments went to Jeseniks lawyers. Then Corinthian went bankrupt. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) 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. Ledger left the company in 2005 in a highly controversial and public way. Not guilty pleas and denial of forfeiture allegation entered. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. The firm purchased or invested in other financial firms, many of them glorified debt collectors. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. | Recent Lawyer Listings Marketing? Aequitas collapsed in 2016 owing about $600 million to investors. 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. ORDER Presentence Report to be prepared by U.S. All three are permanently barred from the securities industry. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Official websites use .gov Marketing? 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. They agreed to plead guilty and cooperate with the government.. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. But I think my clients will be thrilled. 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. If you need help with finances, they've got that covered. ) or https:// means youve safely connected to the .gov website. MacRitchie, the former utility executive, was the picture of respectability. Sentencing materials are due no later than 7/31/2019. 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. 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. 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. Rice acknowledged in court filings that he's a suspect in the case. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Lock 2023 InvestmentNews LLC. | Link Errors 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. 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. 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. Scott Bradford is the lead prosecutor on the case. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. A lock ( 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. A lock ( Official websites use .gov 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. Longtime Aequitas No. They also have people who have helped raise money and sell businesses so they can help with that too. Jesenik also must pay a civil penalty of $625,000. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. 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. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. The Oregonian first reported the criminal charges and guilty plea. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. 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. 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. 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. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 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. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. 13. He is scheduled to be. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. (1) YouTubes privacy policy is available here and YouTubes terms of service is available here. Rice served as Aequitass executive vice president and president of wealth management. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross monetary gains or losses resulting from his crimes, and three years supervised release. But it appears they are far from done. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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.. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. There was the commercial lender. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Portland, Oregon 97204
Gillis was the second Aequitas chief financial officer. The high-interest loans were terrible for students. Some money from new investors was allegedly used to pay earlier investors A locked padlock Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. More Local News to Love Start today for 50% off Expires 3/6/23. Get started today before this once in a lifetime opportunity expires. (kms) (Entered: 04/19/2019), Home Oliver was also charged criminally for his conduct. All three are permanently barred from the securities industry. 2023 Advance Local Media LLC. Investors had been bilked out of hundreds of millions of dollars, the SEC said.