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Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. An official website of the United States government. A .gov website belongs to an official government organization in the United States. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Share sensitive information only on official, secure websites. 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. PORTLAND, Ore.U.S. Main Office: Official websites use .gov Sentencing for No. 2 Aequitas executive Brian Oliver moved to February A .gov website belongs to an official government organization in the United States. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Once a high-flying Lake Oswego . Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Reset here, 1999 - 2023 citywire.com. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. 2023 Advance Local Media LLC. He committed suicide in an attempt to hide . The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. A locked padlock Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Investment adviser: Aequitas lied to investors | The Seattle Times 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Defendant waived reading of the Information. 3 Executives of Aequitas Management LLC Charged for Fraud Official websites use .gov Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. In a separate proceeding, the SEC barred the three from the securities industry. They agreed to plead guilty and cooperate with the government. Gillis was the second Aequitas chief financial officer. Portland, Oregon 97204 Lock (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) That has changed as the criminal case nears the indictment stage. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Exec VP & Pres:Financial Svcs, Aequitas Capital Mgmt Inc. PORTLAND, Ore.U.S. 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. Claim Data and Trends - EPIC Insurance Brokers & Consultants Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Its been a long time coming, Kayser said. All three are permanently barred from the securities industry. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Have a question about Government Services? 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? John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 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. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. More Local News to Love Start today for 50% off Expires 3/6/23. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. But it appears they are far from done. There was the motorcycle leasing company. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Some money from new investors was allegedly used to pay earlier investors | Recent Lawyer Listings A lock ( The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Then Corinthian went bankrupt. There are also questions about whether Jesenik and other defendants spent the money appropriately. 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. There was the commercial lender. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Other funds went to pay their salaries. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. Government summarized charges and terms of plea agreement. 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. He declined to comment. 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. Seven years ago, it was easy to believe in Aequitas. Marketing? 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 Re: United States of America v. Brian A. Oliver - MoreLaw More Local News to Love Start today for 50% off Expires 3/6/23. The Oregon firm thought it had hit the motherlode when it got into the college debt business. All Rights Reserved. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Oliver is the first former Aequitas Capital executive to be criminally charged. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. YouTubes privacy policy is available here and YouTubes terms of service is available here. PORTLAND, Ore.U.S. 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 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. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. District of Oregon | Former Aequitas Owner and Executive Vice President Cookie Settings/Do Not Sell My Personal Information. Sam Kauffman is MacRitchies attorney. 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. Share sensitive information only on official, secure websites. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. It began to default on the interest payments owed its legion of mom and pop investors. Greenspan uncovered a remarkable email exchange between Aequitas co-founder Brian Oliver and Andrew MacRitchie, the firm's one-time chief compliance officer, which seems to indicate they were. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Official websites use .gov Aequitas Capital Management Lawsuit - Law Meg 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. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC The company's general counsel just quit. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. I have really enjoyed working with Seth, Brian and the Cathedral team.. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Email USAO-OR. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL 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). They agreed to plead guilty and cooperate with the government.. Rice served as Aequitass executive vice president and president of wealth management. 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. The Oregonian first reported the criminal charges and guilty plea. (Entered: 04/19/2019) Attorneys for the District of Oregon. Have a question about Government Services? Ledger left the company in 2005 in a highly controversial and public way. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. MacRitchie, the former utility executive, was the picture of respectability. Bob Jesenik, three other former Aequitas executives - Oregonlive 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. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting 13. Portland, Oregon 97204 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. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Plea Petition and Plea Agreement signed and accepted by the Court. They hurt a whole lot of people.. Email USAO-OR. Attorneys for the District of Oregon. It is free to register and only takes a minute or two. Aequitas also had tentacles spread throughout the RIA world. Oliver was also charged criminally for his conduct. If you need help with finances, they've got that covered. B. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. 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 lost about $600 million after the collapse. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. The company had three policies each for $5 million of coverage. He was even on the board of the Arlington Club. ORDER Defendant released on previous conditions. Brian A. Oliver, age 51, resides in Aurora, Oregon. Brian Oliver - Technical Specialist - BCX | ZoomInfo Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Email USAO-OR. 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. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. 2023 RIA Intel, an Institutional Investor Publication. 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. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive Have a question about Government Services? Share sensitive information only on official, secure websites. 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. 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. PORTLAND, Ore.U.S. Much of the cash went to make the payments owed to other investors. SEC charges advisor over Aequitas conflicts of interest. 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. A lock ( 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. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. II. 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. Bob Jesenik has not been criminally charged. 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. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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. ORDER granting the Government's oral motion to unseal the case. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . | Link Errors Until now, Rice and MacRitchie have faced minimal legal expenses. But this one was worse. Defendant proceeds as named. President, Cathedral Finance|Senior Advisor. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Attorneys in Aequitas Capital fraud case spar over Oregon regulator who All three are permanently barred from the securities industry. Jesenik also must pay a civil penalty of $625,000. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit But much of that money has already been spent. Defendant sworn and examined. 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. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. But they made good money for Aequitas and its investors. 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. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. He is scheduled to be sentenced on Aug. 5. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. The agency on Wednesday barred Aequitas partial owner and chief executive Robert Jesenik, 60, partial owner and executive vice president Brian Oliver, 55, and former chief financial officer N. Scott Gillis, 66, from the securities industry for their roles in a scheme that bilked hundreds of millions from investors. But prosecutors allege the Aequitas executives lied about the firms financial performance. 2023 InvestmentNews LLC. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Former Aequitas CEO testifies in divorce trial Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel They've got that too. A lock ( The company's general counsel just quit. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas ) or https:// means youve safely connected to the .gov website. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Portland, Oregon 97204 Brian received a Bachelor of Science degree from Oregon State University. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. 1000 SW Third Ave Suite 600 Investment adviser: Aequitas lied to investors, hid - oregonlive 1000 SW Third Ave Suite 600 SEC Charges Oregon-Based Investment Group and Executives With SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle In a divorce settlement filed with the court, it's. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Investors agree to $234.6M in settlements in Aequitas was - Portland He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. All material subject to strictly enforced copyright laws. Court orders Aequitas to disgorge $453 million in fraud case Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. ) or https:// means youve safely connected to the .gov website. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 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). PORTLAND, Ore.U.S. PDF United States of America Securities and Exchange Commission Investment Secure .gov websites use HTTPS Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Rice headed Key Bank in Oregon for 12 years. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college.

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