Brian Oliver, Aequitas Capital's longtime No. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 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.. In a divorce settlement filed with the court, it's. 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. Defendant advised of rights. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Defendant advised of rights. 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. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Gillis was the second Aequitas chief financial officer. SEC files Complaint against Aequitas Management - Fishman Haygood Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. (Entered: 04/19/2019) The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. 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. 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 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. | Recent Lawyer Listings A .gov website belongs to an official government organization in the United States. | Advertising brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Investors had been bilked out of hundreds of millions of dollars, the SEC said. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Reset here, 1999 - 2023 citywire.com. 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. Luminaries from the downtown business establishment wanted to join the team. 0. RIA Intel is part of Delinian. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. 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.. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) Rice served as Aequitass executive vice president and president of wealth management. Ledger left the company in 2005 in a highly controversial and public way. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Investment adviser: Aequitas lied to investors, hid - oregonlive The Oregon firm thought it had hit the motherlode when it got into the college debt business. Email USAO-OR. ) or https:// means youve safely connected to the .gov website. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Main Office: The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. All rights reserved (About Us). District of Oregon | Former Aequitas Owner and Executive Vice President Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Longtime Aequitas No. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. Sentencing materials are due no later than 7/31/2019. | Articles YouTubes privacy policy is available here and YouTubes terms of service is available here. ORDER Presentence Report to be prepared by U.S. The company's general counsel just quit. 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. 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. 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. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . If you need help with finances, they've got that covered. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. They've got that too. But this one was worse. 2020 update: Aequitas investors recoup some money. 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. | Store Aequitas investors lost about $600 million after the collapse. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. The Oregonian first reported the criminal charges and guilty plea. Get started today before this once in a lifetime opportunity expires. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. As Aequitas grew, its profile in the community also increased. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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. 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. Oliver was also charged criminally for his conduct. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . The company's general counsel just quit. ORDER granting the Government's oral motion to unseal the case. Have a question about Government Services? The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Marketing? Community Rules apply to all content you upload or otherwise submit to this site. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 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. Portland, Oregon 97204 The company's general counsel just quit. Brian Oliver - Technical Specialist - BCX | ZoomInfo Defendant waived reading of the Information. 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. 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). Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography Not guilty pleas and denial of forfeiture allegation entered. ) or https:// means youve safely connected to the .gov website. ) or https:// means youve safely connected to the .gov website. 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. 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. 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. There was no more hiding the fact that Aequitas was broke. Share sensitive information only on official, secure websites. There was the commercial lender. A lock ( Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. He is scheduled to be. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. They also have people who have helped raise money and sell businesses so they can help with that too. Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty A locked padlock 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 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. Court finds defendant capable and competent to enter plea. 1000 SW Third Ave Suite 600 Marketing? 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! Investment adviser: Aequitas lied to investors | The Seattle Times Official websites use .gov Lock Counsel Present for Defendant: Whitney Boise, Kendra Matthews. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING 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. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. | Editor There was the motorcycle leasing company. Aequitas specialized in debt. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. MacRitchie was the companys executive vice president and chief compliance officer. It was the beginning of the end for the high-flying company. 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). 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. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. All three are permanently barred from the securities industry. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. (chso). Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Oliver is the first former Aequitas Capital executive to be criminally charged. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money A locked padlock Sentencing for No. 2 Aequitas executive Brian Oliver moved to February II. Jesenik also must pay a civil penalty of $625,000. District of Oregon | Sign In, Verdict Corrections 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. But they made good money for Aequitas and its investors. PDF United States of America Securities and Exchange Commission Investment 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. 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. Main Office: Attorneys in Aequitas Capital fraud case spar over Oregon regulator who 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 In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 3 Executives of Aequitas Management LLC Charged for Fraud The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Other funds went to pay their salaries. He argues he needs the money to help defray losses suffered by Aequitas investors. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Share sensitive information only on official, secure websites. More Local News to Love Start today for 50% off Expires 3/6/23. 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. PORTLAND, Ore.U.S. Brian received a Bachelor of Science degree from Oregon State University. SEC Posts Notice of Covered Action Regarding Case Against Aequitas Former Aequitas CEO testifies in divorce trial Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC They've got that too. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Official websites use .gov 2023 RIA Intel, an Institutional Investor Publication. (kms) (Entered: 04/19/2019), Home In April, Brian Oliver, Aequitas. 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, 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. Portland, Oregon 97204 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Brian Oliver - Senior Advisor & President, Cathedral Finance Another was a utility executive who helped change Portlands business landscape. PORTLAND, Ore.U.S. It is believed that since he was ousted from Aequitas, Jesenik has been. Former Aequitas Owner and Executive Vice President . SEC Charges Oregon-Based Investment Group and Executives With Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. 13. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. Government summarized charges and terms of plea agreement. It is free to register and only takes a minute or two. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle Plea Petition and Plea Agreement signed and accepted by the Court. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. They also have people who have helped raise money and sell businesses so they can help with that too. A lock ( Rice headed Key Bank in Oregon for 12 years. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Howard Hill Vs Fred Bear, Terrace Level Apartment Pros And Cons, Articles B