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MacRitchie, the former utility executive, was the picture of respectability. Investors had been bilked out of hundreds of millions of dollars, the SEC said. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. In a divorce settlement filed with the court, it's. 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 . (chso). 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. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Now both have been sucked into the criminal fraud investigation of the collapsed firm. 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. Once a high-flying Lake Oswego . 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. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Aequitas Capital Management Lawsuit - Law Meg Attorneys for the District of Oregon. But they made good money for Aequitas and its investors. He is scheduled to be sentenced on Aug. 5. A lock ( The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Until now, Rice and MacRitchie have faced minimal legal expenses. All three are permanently barred from the securities industry. The company's general counsel just quit. They agreed to plead guilty and cooperate with the government.. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Former Aequitas Owner and Executive Vice President . He was even on the board of the Arlington Club. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Secure .gov websites use HTTPS Main Office: PORTLAND, Ore.U.S. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Lock The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. All three are permanently barred from the securities industry. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas 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 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Brian received a Bachelor of Science degree from Oregon State University. PORTLAND, Ore.U.S. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. They've got that too. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive 1000 SW Third Ave Suite 600 District of Oregon | Former Aequitas Owner and Executive Vice President Official websites use .gov He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. The company's general counsel just quit. Defendant sworn and examined. 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. Attorneys for the District of Oregon. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Waiver of indictment signed and accepted by the Court. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) | Link Errors ) or https:// means youve safely connected to the .gov website. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Gillis was the second Aequitas chief financial officer. There was the commercial lender. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Gillis was the second Aequitas chief financial officer. Brian Oliver, Aequitas Capital's longtime No. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Email USAO-OR. They also have people who have helped raise money and sell businesses so they can help with that too. All material subject to strictly enforced copyright laws. Secure .gov websites use HTTPS Rice served as Aequitass executive vice president and president of wealth management. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. But prosecutors allege the Aequitas executives lied about the firms financial performance. If you need help with finances, they've got that covered. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Luminaries from the downtown business establishment wanted to join the team. Government summarized charges and terms of plea agreement. A .gov website belongs to an official government organization in the United States. Bob Jesenik has not been criminally charged. Scott Bradford is the lead prosecutor on the case. 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. 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. But much of that money has already been spent. | Store YouTubes privacy policy is available here and YouTubes terms of service is available here. The Oregon firm thought it had hit the motherlode when it got into the college debt business. As Aequitas grew, its profile in the community also increased. I have really enjoyed working with Seth, Brian and the Cathedral team. Defendant waived reading of the Information. Aequitas also had tentacles spread throughout the RIA world. District of Oregon 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. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Email USAO-OR. Brian A. Oliver, age 51, resides in Aurora, Oregon. The high-interest loans were terrible for students. A locked padlock Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. It was the beginning of the end for the high-flying company. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . In a separate proceeding, the SEC barred the three 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. 2023 InvestmentNews LLC. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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 Investors agree to $234.6M in settlements in Aequitas was - Portland It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. The Lake Oswego, Ore.-based investment management firm was the subject of a Securities and Exchange Commission complaint filed in 2016 alleging that Aequitas defrauded more than 1,500 investors into believing they were putting their money into health care, education and transportation investments when their money was being used primarily in a Ponzi-like fashion. (See separate order.) Community Rules apply to all content you upload or otherwise submit to this site. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. Portland, Oregon 97204 All Rights Reserved. All rights reserved (About Us). But it appears they are far from done. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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 One of Aequitas biggest moneymakers disappeared almost overnight. Attorneys for the District of Oregon. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. It is free to register and only takes a minute or two. Lock They've got that too. 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. Redmond adviser caught in Oregon firm's $600M financial collapse This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Longtime Aequitas No. 1000 SW Third Ave Suite 600 In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. More Local News to Love Start today for 50% off Expires 3/6/23. ORDER granting the Government's oral motion to unseal the case. Seven years ago, it was easy to believe in Aequitas. SEC Charges Oregon-Based Investment Group and Executives With Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Former Aequitas CEO testifies in divorce trial brian oliver, aequitas 2023 Advance Local Media LLC. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . PORTLAND, Ore.U.S. Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty Oliver, former second-in-command at Aequitas, pleads guilty to fraud 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 0. Gillis was the second Aequitas chief financial officer. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. 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Jesenik founded the Aequitas group of companies, and, as chief executive officer, controlled the organizations structure and had ultimate decision-making authority over company activities. Bob Jesenik, three other former Aequitas executives - Oregonlive The Government does not seek detention and Defendant is released on conditions. Other funds went to pay their salaries. Sentencing materials are due no later than 7/31/2019. 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. 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.. Cookie Settings/Do Not Sell My Personal Information. District of Oregon | Former Aequitas Owner and Chief Financial Officer Janke becomes second Aequitas executive to plead guilty; could get 2023 RIA Intel, an Institutional Investor Publication. Court orders Aequitas to disgorge $453 million in fraud case But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Ledger left the company in 2005 in a highly controversial and public way. Jesenik, a former resident of West Linn, Oregon, is charged in a 32-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. Investment adviser: Aequitas lied to investors, hid - oregonlive Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. 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. It began to default on the interest payments owed its legion of mom and pop investors. 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. Prosecutors' wide net: Prominent Portland executives sucked into A locked padlock They agreed to plead guilty and cooperate with the government. Official websites use .gov An official website of the United States government. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. SEC charges advisor over Aequitas conflicts of interest. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. YouTubes privacy policy is available here and YouTubes terms of service is available here. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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. He declined to comment. That has changed as the criminal case nears the indictment stage. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. The Oregonian first reported the criminal charges and guilty plea. 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MacRitchie was the companys executive vice president and chief compliance officer. An official website of the United States government. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. President, Cathedral Finance|Senior Advisor. 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. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL | Privacy Statement. There was the motorcycle leasing company. 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 Aequitas collapsed in 2016 owing about $600 million to investors. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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. 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. SEC files Complaint against Aequitas Management - Fishman Haygood Investment adviser: Aequitas lied to investors | The Seattle Times Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive 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. 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). Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Please sign in or register to comment. He pled guilty but has not yet been sentenced. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners.