brian oliver, aequitas

But prosecutors allege the Aequitas executives lied about the firms financial performance. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) 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. The company's general counsel just quit. 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 Some money from new investors was allegedly used to pay earlier investors 2023 InvestmentNews LLC. Official websites use .gov He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. 13. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. A lock ( | Editor Then Corinthian went bankrupt. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Worse, regulators from the U.S. Consumer Financial Protection Bureau and the state Department of Justice began taking a hard look at the colleges agreement with Aequitas. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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 Brian Oliver, Aequitas Capital's longtime No. Brian received a Bachelor of Science degree from Oregon State University. 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. Luminaries from the downtown business establishment wanted to join the team. A lock ( Share sensitive information only on official, secure websites. RIA Intel is part of Delinian. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Rice acknowledged in court filings that he's a suspect in the case. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. 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. All rights reserved (About Us). It was the beginning of the end for the high-flying company. | Articles 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. They agreed to plead guilty and cooperate with the government.. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Email USAO-OR. 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. 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. Brian A. Oliver, age 51, resides in Aurora, Oregon. 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. Probation. 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. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. President, Cathedral Finance|Senior Advisor. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Get started today before this once in a lifetime opportunity expires. A .gov website belongs to an official government organization in the United States. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. The company's general counsel just quit. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Brian A. Oliver, a former owner and executive vice president of Aequitas Management, LLC and several other Aequitas-related companies pleaded guilty to conspiring to commit mail and wire fraud and money laundering. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Sam Kauffman is MacRitchies attorney. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Gillis was the second Aequitas chief financial officer. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. The high-interest loans were terrible for students. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Defendant advised of rights. 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! If you missed the last issue of InvestmentNews, you can access it here. MacRitchie was the companys executive vice president and chief compliance officer. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. 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.. 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. Until now, Rice and MacRitchie have faced minimal legal expenses. In a separate proceeding, the SEC barred the three from the securities industry. Gillis was the second Aequitas chief financial officer. All three are permanently barred from the securities industry. 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. The company opened slick new offices in New York City. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 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 Its been a long time coming, Kayser said. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. 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. Marketing? If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 2 executive Brian Oliver pleaded guilty to the same charges in April. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. 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. Attorneys for the District of Oregon. 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. ORDER Defendant released on previous conditions. 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. A .gov website belongs to an official government organization in the United States. 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. Aequitas collapsed in 2016 owing about $600 million to investors. The Oregon firm thought it had hit the motherlode when it got into the college debt business. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Learn more about reprints and licensing for this article. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. 2023 Advance Local Media LLC. 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. I have really enjoyed working with Seth, Brian and the Cathedral team.. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING If convicted on all charges, each of the defendants could face decades in prison and millions of dollars in fines and restitution, as well as five years supervised release following their prison terms. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. 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? Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Share sensitive information only on official, secure websites. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 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. 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? 2023 RIA Intel, an Institutional Investor Publication. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Signed on 4/19/2019 by Judge Michael W. Mosman. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Sentencing materials are due no later than 7/31/2019. Another was a utility executive who helped change Portlands business landscape. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 2023 Advance Local Media LLC. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. An official website of the United States government. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. Main Office: The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. He committed suicide in an attempt to hide . | Link Errors By late 2015, Aequitas was suffering one of its periodic cash flow crises. 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. 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). All rights reserved (About Us). Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. 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. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. But much of that money has already been spent. Ledger left the company in 2005 in a highly controversial and public way. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Oliver was the companys primary fundraiser and shared responsibility for the operation and management of Aequitas-affiliated companies and investment products as well as for the use of investor money. Marketing? A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Community Rules apply to all content you upload or otherwise submit to this site. 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. There was the motorcycle leasing company. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. I have really enjoyed working with Seth, Brian and the Cathedral team. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 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. 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. 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. | Store (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 1000 SW Third Ave Suite 600 He was the British honorary consul to Portland. 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.

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