President, Cathedral Finance|Senior Advisor. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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). SEC Charges Oregon-Based Investment Group and Executives With Gillis was the second Aequitas chief financial officer. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle 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. 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. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Former Aequitas Owner and Executive Vice President . All Rights Reserved. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Prosecutors' wide net: Prominent Portland executives sucked into He was the British honorary consul to Portland. Much of the cash went to make the payments owed to other investors. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. All material subject to strictly enforced copyright laws. Jesenik also must pay a civil penalty of $625,000. Aequitas investors lost about $600 million after the collapse. The company opened slick new offices in New York City. Court finds guilty pleas to be knowing and voluntary. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 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. 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. | Recent Lawyer Listings Investment adviser: Aequitas lied to investors | The Seattle Times A locked padlock On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. 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 Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Official websites use .gov 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. They agreed to plead guilty and cooperate with the government.. 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 . Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. ORDER Presentence Report to be prepared by U.S. Plea Petition and Plea Agreement signed and accepted by the Court. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. 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. 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. 2023 Advance Local Media LLC. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . All three are permanently barred from the securities industry. Another was a utility executive who helped change Portlands business landscape. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. ) or https:// means youve safely connected to the .gov website. Some money from new investors was allegedly used to pay earlier investors They've got that too. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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. All rights reserved (About Us). On August 11, 2020, the U.S. Attorneys Officeannounced that Gillis had been charged in a 34-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Oliver was also charged criminally for his conduct. The high-interest loans were terrible for students. 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. Attorneys for the District of Oregon. More Local News to Love Start today for 50% off Expires 3/6/23. 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? They agreed to plead guilty and cooperate with the government. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. In April, Brian Oliver, Aequitas. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 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. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. | Link Errors Attorneys for the District of Oregon. Get started today before this once in a lifetime opportunity expires. District of Oregon (See separate order.) Brian Oliver - Technical Specialist - BCX | ZoomInfo Luminaries from the downtown business establishment wanted to join the team. Portland, Oregon 97204 Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. 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 oliver, aequitas They are also prohibited from violating the SECs antifraud provisions. 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. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. A .gov website belongs to an official government organization in the United States. 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. They've got that too. Brian Oliver - Senior Advisor & President, Cathedral Finance Oliver is the first former Aequitas Capital executive to be criminally charged. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. He is scheduled to be sentenced on Aug. 5. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. I have really enjoyed working with Seth, Brian and the Cathedral team. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. A lock ( 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. 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. Main Office: The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Official websites use .gov Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. A .gov website belongs to an official government organization in the United States. Recently, MacRitchie has incurred defense costs in connection with the DOJ investigation and expects to continue to incur Defense Costs in that matter, his lawyer said in a court filing. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. A locked padlock Aequitas also had tentacles spread throughout the RIA world. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 1000 SW Third Ave Suite 600 ) or https:// means youve safely connected to the .gov website. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive Defendant advised of rights. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. They hurt a whole lot of people.. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL He argues he needs the money to help defray losses suffered by Aequitas investors. 2023 RIA Intel, an Institutional Investor Publication. Email USAO-OR. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. 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. Ledger left the company in 2005 in a highly controversial and public way. 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. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. A locked padlock ORDER granting the Government's oral motion to unseal the case. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. If you missed the last issue of InvestmentNews, you can access it here. 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. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Community Rules apply to all content you upload or otherwise submit to this site. Longtime Aequitas No. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Defendant advised of rights. A lock ( Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Guilty pleas entered as to Counts 1 and 2 of the Information. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. They also have people who have helped raise money and sell businesses so they can help with that too. 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. 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. 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 He is scheduled to be. Aequitas did make legitimate investments. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. It is believed that since he was ousted from Aequitas, Jesenik has been. Gillis was the second Aequitas chief financial officer. 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. But much of that money has already been spent. 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. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Re: United States of America v. Brian A. Oliver - MoreLaw 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. Attorneys in Aequitas Capital fraud case spar over Oregon regulator who Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Not guilty pleas and denial of forfeiture allegation entered. 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. 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. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. I have really enjoyed working with Seth, Brian and the Cathedral team.. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas 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. 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). Official websites use .gov An official website of the United States government. An official website of the United States government. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. If you need help with finances, they've got that covered. 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). Reset here, 1999 - 2023 citywire.com. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. The company's general counsel just quit. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Aequitas specialized in debt. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Have a question about Government Services? He was even on the board of the Arlington Club. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. | Store 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING (kms) (Entered: 04/19/2019), Home Sam Kauffman is MacRitchies attorney. Secure .gov websites use HTTPS 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. SEC bars Aequitas execs after $540m judgement against Oregon firm Portland, Oregon 97204 Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. 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.. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. PORTLAND, Ore.U.S. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. They also have people who have helped raise money and sell businesses so they can help with that too. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. | Editor 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. He committed suicide in an attempt to hide . Scott Bradford is the lead prosecutor on the case. SEC Posts Notice of Covered Action Regarding Case Against Aequitas 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 company's general counsel just quit. If the sentencing materials are not received on time or the Court is not advised that none will be filed, the sentencing may be rescheduled. Lock | Articles Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Aequitas Management, the Oregon-based RIA accused in 2016 of running a massive Ponzi-like scheme, and its top executives have finally settled with the Securities and Exchange Commission. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit 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. Seven years ago, it was easy to believe in Aequitas. Secure .gov websites use HTTPS Defendant proceeds as named. Other funds went to pay their salaries. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. ) or https:// means youve safely connected to the .gov website. B. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 3 Executives of Aequitas Management LLC Charged for Fraud This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Probation. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross monetary gains or losses resulting from his crimes, and three years supervised release. If you need help with finances, they've got that covered. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. 2 executive Brian Oliver pleaded guilty to the same charges in April. 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