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RIA Intel is part of Delinian. 2023 Advance Local Media LLC. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Marketing? Despite that advice, on or about January 15, 2016, Gillis signed and, with others, submitted to Wells Fargo an advance notice, requesting that Wells Fargo advance $4.2 million to Aequitas with a false certification that Aequitas was not confronting a potential event of default. | Privacy Statement. Main Office: He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. The Oregonian first reported the criminal charges and guilty plea. Aequitas collapsed in 2016 owing about $600 million to investors. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Lock The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 2023 InvestmentNews LLC. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Longtime Aequitas No. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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! Secure .gov websites use HTTPS 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. 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. 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. 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. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Secure .gov websites use HTTPS Aequitas did make legitimate investments. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Government summarized charges and terms of plea agreement. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 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. Bob Jesenik has not been criminally charged. A locked padlock Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. 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. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. | Sign In, Verdict Corrections 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. But this one was worse. Share sensitive information only on official, secure websites. The company's general counsel just quit. One of Aequitas biggest moneymakers disappeared almost overnight. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 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. More Local News to Love Start today for 50% off Expires 3/6/23. A .gov website belongs to an official government organization in the United States. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. | Link Errors But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Community Rules apply to all content you upload or otherwise submit to this site. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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. 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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. 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. Jesenik also must pay a civil penalty of $625,000. They both opted not to talk. 2 executive Brian Oliver pleaded guilty to the same charges in April. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Gillis was the second Aequitas chief financial officer. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . 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. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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? The company had three policies each for $5 million of coverage. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. ) or https:// means youve safely connected to the .gov website. They've got that too. The high-interest loans were terrible for students. Rice headed Key Bank in Oregon for 12 years. 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. 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. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Brian A. Oliver, age 51, resides in Aurora, Oregon. A lock ( 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 Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 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. 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. Cookie Settings/Do Not Sell My Personal Information. 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. A .gov website belongs to an official government organization in the United States. Not guilty pleas and denial of forfeiture allegation entered. Official websites use .gov brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Aequitas specialized in debt. 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. In April, Brian Oliver, Aequitas. He committed suicide in an attempt to hide . 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. All three are permanently barred from the securities industry. A lock ( A locked padlock Gillis was the second Aequitas chief financial officer. I have really enjoyed working with Seth, Brian and the Cathedral team. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. There are also questions about whether Jesenik and other defendants spent the money appropriately. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) There was no more hiding the fact that Aequitas was broke. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. Main Office: 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. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Get started today before this once in a lifetime opportunity expires. 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 Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Share sensitive information only on official, secure websites. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. The Government does not seek detention and Defendant is released on conditions. 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. Learn more about reprints and licensing for this article. 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. Waiver of indictment signed and accepted by the Court. Community Rules apply to all content you upload or otherwise submit to this site. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. | Articles On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. But they made good money for Aequitas and its investors. PORTLAND, Ore.U.S. Secure .gov websites use HTTPS 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. ORDER granting the Government's oral motion to unseal the case. 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. 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. Share sensitive information only on official, secure websites. 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 They also have people who have helped raise money and sell businesses so they can help with that too. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. 1000 SW Third Ave Suite 600 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. (chso). Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. 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 Luminaries from the downtown business establishment wanted to join the team. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 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. Portland, Oregon 97204 Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Much of the cash went to make the payments owed to other investors. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. Cookie Settings/Do Not Sell My Personal Information. (kms) (Entered: 04/19/2019), Home Email USAO-OR. They hurt a whole lot of people.. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. Brian Oliver, Aequitas Capital's longtime No. A .gov website belongs to an official government organization in the United States. Attorneys for the District of Oregon. Have a question about Government Services? They agreed to plead guilty and cooperate with the government. Signed on 4/19/2019 by Judge Michael W. Mosman. He was the British honorary consul to Portland. (1) Its been a long time coming, Kayser said. 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. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. The company's general counsel just quit. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Rice served as Aequitass executive vice president and president of wealth management. [More: Aequitas meltdown underscores the importance of due diligence, caution]. President, Cathedral Finance|Senior Advisor. An official website of the United States government. 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. Another was a utility executive who helped change Portlands business landscape. 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. 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. MacRitchie was the companys executive vice president and chief compliance officer. Defendant waived reading of the Information. 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. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Probation. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING But prosecutors allege the Aequitas executives lied about the firms financial performance. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). It is free to register and only takes a minute or two. MacRitchie, the former utility executive, was the picture of respectability. 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. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. 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. Scott Bradford is the lead prosecutor on the case. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Defendant proceeds as named. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. He is scheduled to be. Portland, Oregon 97204 ) or https:// means youve safely connected to the .gov website. 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. District of Oregon A lock ( 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. They are also prohibited from violating the SECs antifraud provisions. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Gillis was the second Aequitas chief financial officer. If you missed the last issue of InvestmentNews, you can access it here. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Plea Petition and Plea Agreement signed and accepted by the Court. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. 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 has been a Senior Advisor with Cathedral Consulting since 2017. 13. (See separate order.) 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 . 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) But I think my clients will be thrilled. 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). Theyve got a team that really loves entrepreneurship and is equipped with different skill sets.

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