brian oliver, aequitas

Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Share sensitive information only on official, secure websites. PORTLAND, Ore.U.S. PORTLAND, Ore.U.S. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Some money from new investors was allegedly used to pay earlier investors 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. He is scheduled to be sentenced on Aug. 5. Waiver of indictment signed and accepted by the Court. 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. (kms) (Entered: 04/19/2019), Home Portland, Oregon 97204 A .gov website belongs to an official government organization in the United States. Oliver is the first former Aequitas Capital executive to be criminally charged. | Link Errors Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. 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. 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. Rice headed Key Bank in Oregon for 12 years. All material subject to strictly enforced copyright laws. They are also prohibited from violating the SECs antifraud provisions. Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Investors had been bilked out of hundreds of millions of dollars, the SEC said. Lock But it appears they are far from done. They hurt a whole lot of people.. Longtime Aequitas No. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. A locked padlock The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. He was the British honorary consul to Portland. 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. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING But prosecutors allege the Aequitas executives lied about the firms financial performance. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 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. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. Lock All three are permanently barred from the securities industry. 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. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. 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 . Please sign in or register to comment. Have a question about Government Services? A locked padlock 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. Another was a utility executive who helped change Portlands business landscape. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . U.S. Attorney's Office, District of Oregon, Criminal conspiracy could have cost investors more than $600 million, Former Aequitas Owner and Executive Vice President Pleads Guilty in Fraud and Money Laundering Conspiracy, Salem Man Pleads Guilty for Using Twitter to Threaten Violence Against Robinhood Employees, FBI and Partners Issue National Public Safety Alert on Financial Sextortion Schemes, Armed Robbery Crew Posing as DEA Agents Charged in Federal Court, Former Aequitas Owner and Executive Vice President Pleads Guilty In Fraud and Money Laundering Conspiracy. Accounting giant Deloitte, stock trader T.D. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. II. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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 recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Bob Jesenik has not been criminally charged. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. | Recent Lawyer Listings Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. They both opted not to talk. Then Corinthian went bankrupt. 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. 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.. Seven years ago, it was easy to believe in Aequitas. PORTLAND, Ore.U.S. Portland, Oregon 97204 Sentencing materials are due no later than 7/31/2019. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. | Sign In, Verdict Corrections Official websites use .gov 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. Attorneys for the District of Oregon. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Government summarized charges and terms of plea agreement. If you missed the last issue of InvestmentNews, you can access it here. A .gov website belongs to an official government organization in the United States. He was even on the board of the Arlington Club. Attorneys for the District of Oregon. MacRitchie was the companys executive vice president and chief compliance officer. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. A locked padlock 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 The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. | Privacy Statement. I have really enjoyed working with Seth, Brian and the Cathedral team. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) 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. The Oregonian first reported the criminal charges and guilty plea. 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. ORDER Presentence Report to be prepared by U.S. 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. Brian received a Bachelor of Science degree from Oregon State University. 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. One of Aequitas biggest moneymakers disappeared almost overnight. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. More Local News to Love Start today for 50% off Expires 3/6/23. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. PORTLAND, Ore.U.S. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Court finds guilty pleas to be knowing and voluntary. 2023 Advance Local Media LLC. All three are permanently barred from the securities industry. 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? MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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. 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. Secure .gov websites use HTTPS But this one was worse. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Learn more about reprints and licensing for this article. Gillis was the second Aequitas chief financial officer. The Government does not seek detention and Defendant is released on conditions. Aequitas investors lost about $600 million after the collapse. (1) Official websites use .gov Not guilty pleas and denial of forfeiture allegation entered. 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. There was the motorcycle leasing company. Email USAO-OR. President, Cathedral Finance|Senior Advisor. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Share sensitive information only on official, secure websites. Aequitas did make legitimate investments. SEC charges advisor over Aequitas conflicts of interest. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 2023 Advance Local Media LLC. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. If you need help with finances, they've got that covered. It was the beginning of the end for the high-flying company. He is scheduled to be. Plea Petition and Plea Agreement signed and accepted by the Court. There was the commercial lender. District of Oregon Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Portland, Oregon 97204 Jesenik also must pay a civil penalty of $625,000. 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. Email USAO-OR. All rights reserved (About Us). YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. 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. 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 Former Aequitas Owner and Executive Vice President . He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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. Email USAO-OR. 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. Defendant advised of rights. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. ) or https:// means youve safely connected to the .gov website. 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.. Court finds defendant capable and competent to enter plea. An official website of the United States government. 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. 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. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. An official website of the United States government. YouTubes privacy policy is available here and YouTubes terms of service is available here. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. A lock ( The high-interest loans were terrible for students. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. An official website of the United States government. Community Rules apply to all content you upload or otherwise submit to this site. In a separate proceeding, the SEC barred the three from the securities industry. 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. 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. ) or https:// means youve safely connected to the .gov website. B. 2023 RIA Intel, an Institutional Investor Publication. If you need help with finances, they've got that covered. In a divorce settlement filed with the court, it's. Attorneys for the District of Oregon. Main Office: Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Gillis was the second Aequitas chief financial officer. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. 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. ORDER Defendant released on previous conditions. 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. 2020 update: Aequitas investors recoup some money. 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. Defendant waived reading of the Information. Share sensitive information only on official, secure websites. The company opened slick new offices in New York City. 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 By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added.

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