Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty They hurt a whole lot of people.. 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. 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. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. brian oliver, aequitas Attorneys for the District of Oregon. 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. 1000 SW Third Ave Suite 600
There are also questions about whether Jesenik and other defendants spent the money appropriately. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. If you need help with finances, they've got that covered. 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. More Local News to Love Start today for 50% off Expires 3/6/23. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL 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. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. ) or https:// means youve safely connected to the .gov website. Please sign in or register to comment. An official website of the United States government. It is believed that since he was ousted from Aequitas, Jesenik has been. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. There was the commercial lender. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Sentencing materials are due no later than 7/31/2019. But prosecutors allege the Aequitas executives lied about the firms financial performance. Portland, Oregon 97204
ORDER granting the Government's oral motion to unseal the case. 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). 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. That has changed as the criminal case nears the indictment stage. A lock ( Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. In a divorce settlement filed with the court, it's. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. In April, Brian Oliver, Aequitas. By late 2015, Aequitas was suffering one of its periodic cash flow crises. 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. Former Aequitas CEO testifies in divorce trial 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Portland, Oregon 97204
Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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.. 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. Redmond adviser caught in Oregon firm's $600M financial collapse Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. The high-interest loans were terrible for students. 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. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Brian Oliver - Technical Specialist - BCX | ZoomInfo But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. But this one was worse. But they made good money for Aequitas and its investors. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Brian Oliver, Aequitas Capital's longtime No. 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. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. 0. An official website of the United States government. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Court finds defendant capable and competent to enter plea. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Janke becomes second Aequitas executive to plead guilty; could get 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. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. B. All rights reserved (About Us). Community Rules apply to all content you upload or otherwise submit to this site. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. All three are permanently barred from the securities industry. 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
Aequitas also had tentacles spread throughout the RIA world. Aequitas Capital Management Lawsuit - Law Meg Marketing? The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Brian A. Oliver, age 51, resides in Aurora, Oregon. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. 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). Aequitas investors lost about $600 million after the collapse. 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 YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. 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. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. (chso). District of Oregon | Former Aequitas Senior Executive and Chief Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Secure .gov websites use HTTPS Counsel Present for Defendant: Whitney Boise, Kendra Matthews. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Share sensitive information only on official, secure websites. PORTLAND, Ore.U.S. Not guilty pleas and denial of forfeiture allegation entered. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. PORTLAND, Ore.U.S. He established and maintained the companys accounting principles, practices, procedures and initiatives, prepared financial reports and presented findings and recommendations to the executive teams, and oversaw all financial functions. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC Probation. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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! Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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. ORDER Presentence Report to be prepared by U.S. Once a high-flying Lake Oswego . Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. RIA Intel is part of Delinian. I have really enjoyed working with Seth, Brian and the Cathedral team.. It began to default on the interest payments owed its legion of mom and pop investors. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Guilty pleas entered as to Counts 1 and 2 of the Information. 2023 Advance Local Media LLC. A .gov website belongs to an official government organization in the United States. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Attorneys in Aequitas Capital fraud case spar over Oregon regulator who ORDER Defendant released on previous conditions. A locked padlock 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. They both opted not to talk. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Have a question about Government Services? 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. (1) 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. 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. 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. After graduating from Oregon State University in 1987 with a degree in Finance and minor in Economics, Brian spent the next 10 years in commercial banking with US Bank before embarking on 20 years in the Investment Banking and Alternative Asset Management industry. (kms) (Entered: 04/19/2019), Home 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. He is scheduled to be. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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 Oliver, former second-in-command at Aequitas, pleads guilty to fraud Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Investors agree to $234.6M in settlements in Aequitas was - Portland 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). Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Brian Oliver, Aequitas Capital's longtime No. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. President, Cathedral Finance|Senior Advisor. Official websites use .gov Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Portland, Oregon 97204
Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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. 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
The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. They agreed to plead guilty and cooperate with the government. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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 . The company's general counsel just quit. 1000 SW Third Ave Suite 600
He argues he needs the money to help defray losses suffered by Aequitas investors. 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. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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. 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. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. It was the beginning of the end for the high-flying company. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. | Privacy Statement. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Aequitas specialized in debt. Investment adviser: Aequitas lied to investors | The Seattle Times There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Lock | Sign In, Verdict Corrections The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. II. 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. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Defendant advised of rights. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Main Office:
SEC Posts Notice of Covered Action Regarding Case Against Aequitas (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Government summarized charges and terms of plea agreement. 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Gillis was the second Aequitas chief financial officer. 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. He is scheduled to be sentenced on Aug. 5. ) or https:// means youve safely connected to the .gov website. (Entered: 04/19/2019) The company's general counsel just quit. 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. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Bob Jesenik, three other former Aequitas executives - Oregonlive PORTLAND, Ore.U.S. 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. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Defendant waived reading of the Information. All three are permanently barred from the securities industry. He declined to comment. ) or https:// means youve safely connected to the .gov website. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Official websites use .gov Seven years ago, it was easy to believe in Aequitas. Learn more about reprints and licensing for this article. 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. Scott Bradford is the lead prosecutor on the case. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive They also have people who have helped raise money and sell businesses so they can help with that too.