Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Brian A. Oliver, age 51, resides in Aurora, Oregon. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". But it appears they are far from done. The company had three policies each for $5 million of coverage. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. It is free to register and only takes a minute or two. Luminaries from the downtown business establishment wanted to join the team. Jesenik also must pay a civil penalty of $625,000. Main Office:
John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. 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. Rice served as Aequitass executive vice president and president of wealth management. Aequitas investors lost about $600 million after the collapse. 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. 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. They hurt a whole lot of people.. 0. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. Not guilty pleas and denial of forfeiture allegation entered. Aequitas collapsed in 2016 owing about $600 million to investors. 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. 1000 SW Third Ave Suite 600
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. Aequitas specialized in debt. It is believed that since he was ousted from Aequitas, Jesenik has been working for a company founded by his son: KCR Advisors LLC, based in Viero Beach, Fla. An earlier indictment against Gillis will be dismissed. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. They are Brian Rice, who formerly headed Key Banks operations in much of Oregon, Andrew MacRitchie, The Scotland native who came to Portland when when Scottish Power purchased PacifiCorp, and N. Scott Gillis, the former chief financial officer. 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money.
It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Share sensitive information only on official, secure websites. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Have a question about Government Services? Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. 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. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. Longtime Aequitas No. 2023 Advance Local Media LLC. ORDER Defendant released on previous conditions. Rice headed Key Bank in Oregon for 12 years. He is scheduled to be. Cookie Settings/Do Not Sell My Personal Information. If you need help with finances, they've got that covered. Court finds defendant capable and competent to enter plea. The company's general counsel just quit. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. U.S. Attorney's Office, District of Oregon, Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Laundering Conspiracy, 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 CEO and Senior Executives Indicted In Fraud and Money Laundering Conspiracy. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. It is believed that since he was ousted from Aequitas, Jesenik has been. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. 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.. But they made good money for Aequitas and its investors. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Portland, Oregon 97204
The high-interest loans were terrible for students. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Investors had been bilked out of hundreds of millions of dollars, the SEC said. Official websites use .gov 04/19/2019 10 Minutes of Proceedings: First Appearance on Information and Arraignment held before Magistrate Judge Stacie F. Beckerman as to Defendant Brian A. Oliver on 4/19/2019. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. A .gov website belongs to an official government organization in the United States. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Guilty pleas entered as to Counts 1 and 2 of the Information. 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 Government does not seek detention and Defendant is released on conditions. Signed on 4/19/2019 by Judge Michael W. Mosman. Lock Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. A lock ( 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. Aequitas did make legitimate investments. 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. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. In a divorce settlement filed with the court, it'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. Defendant proceeds as named. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Gillis was the second Aequitas chief financial officer. Seven years ago, it was easy to believe in Aequitas. Now both have been sucked into the criminal fraud investigation of the collapsed firm. 2 executive Brian Oliver pleaded guilty to the same charges in April. Defendant advised of rights. 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 material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Another was a utility executive who helped change Portlands business landscape. He was the British honorary consul to Portland. He is scheduled to be sentenced on Aug. 5. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site.
[More: Aequitas meltdown underscores the importance of due diligence, caution]. Sentencing materials are due no later than 7/31/2019. Learn more about reprints and licensing for this article. A lock ( All Rights Reserved. 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. 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.
Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. PORTLAND, Ore.U.S. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. But I think my clients will be thrilled. 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 . Get started today before this once in a lifetime opportunity expires. 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. More Local News to Love Start today for 50% off Expires 3/6/23. 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. 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. | Sign In, Verdict Corrections 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? 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
Rice acknowledged in court filings that he's a suspect in the case. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. SEC charges advisor over Aequitas conflicts of interest. If you need help with finances, they've got that covered. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. 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. 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. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Lock 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. Secure .gov websites use HTTPS PORTLAND, Ore.U.S. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. They are also prohibited from violating the SECs antifraud provisions. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 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. | Store This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. Community Rules apply to all content you upload or otherwise submit to this site. 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, Oregon 97204
I have really enjoyed working with Seth, Brian and the Cathedral team.. 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? The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. Gillis, who was previously indicted for conspiring to submit false statements to a federally insured creditor, was the companys chief operating officer and chief financial officer. The Oregonian first reported the criminal charges and guilty plea. Defendant advised of rights. 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 new indictments bring to six the number of former Aequitas executives charged with defrauding investors. 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.. Brian received a Bachelor of Science degree from Oregon State University. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Scott Bradford is the lead prosecutor on the case. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Defendant sworn and examined. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . There was the motorcycle leasing company. ) or https:// means youve safely connected to the .gov website. Attorneys for the District of Oregon. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company.
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