brian oliver, aequitas

As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. Defendant waived reading of the Information. PORTLAND, Ore.U.S. 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. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. It was the beginning of the end for the high-flying company. But prosecutors allege the Aequitas executives lied about the firms financial performance. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. SEC charges advisor over Aequitas conflicts of interest. An official website of the United States government. 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! Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Lock Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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. 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. Portland, Oregon 97204 Portland, Oregon 97204 Get started today before this once in a lifetime opportunity expires. Main Office: Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Marketing? Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Community Rules apply to all content you upload or otherwise submit to this site. Official websites use .gov ORDER Defendant released on previous conditions. (See separate order.) Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Plus, three other Aequitas defendants former second-in-command Brian Oliver and N. Scott Gillis and Olaf Janke, former Aequitas chief financial officers have pleaded guilty to fraud and. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. 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 oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Now both have been sucked into the criminal fraud investigation of the collapsed firm. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Aequitas specialized in debt. 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. 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. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. 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. 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. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 2023 InvestmentNews LLC. As part of their plea agreements, they have both agreed to pay restitution in full to their victims as determined and ordered by the court. Have a question about Government Services? Other funds went to pay their salaries. Sam Kauffman is MacRitchies attorney. All rights reserved (About Us). 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. Email USAO-OR. Reset here, 1999 - 2023 citywire.com. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 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. It began to default on the interest payments owed its legion of mom and pop investors. ORDER granting the Government's oral motion to unseal 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. Attorneys for the District of Oregon. 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 But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. 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. 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. There was the commercial lender. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. But they made good money for Aequitas and its investors. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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 . 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 Secure .gov websites use HTTPS One of Aequitas biggest moneymakers disappeared almost overnight. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. (Entered: 04/19/2019) Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Brian Oliver, Aequitas Capital's longtime No. PORTLAND, Ore.U.S. 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 default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. B. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. 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. Oliver is the first former Aequitas Capital executive to be criminally charged. Attorneys for the District of Oregon. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. 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. Defendant advised of rights. If you missed the last issue of InvestmentNews, you can access it here. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. They both opted not to talk. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. | Recent Lawyer Listings In a divorce settlement filed with the court, it's. Longtime Aequitas No. Another was a utility executive who helped change Portlands business landscape. 2023 Advance Local Media LLC. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. It is free to register and only takes a minute or two. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Despite that advice, on or about January 15, 2016, Gillis signed and, with others, submitted to Wells Fargo an advance notice, requesting that Wells Fargo advance $4.2 million to Aequitas with a false certification that Aequitas was not confronting a potential event of default. 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. President, Cathedral Finance|Senior Advisor. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Sentencing materials are due no later than 7/31/2019. 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? 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. 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. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING A locked padlock The complaint also alleges that Aequitas Capital Management Inc. and Aequitas Investment Management LLC violated Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, and that Jesenik, Oliver, and Gillis aided and abetted the violations of Aequitas and the affiliated entities. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Marketing? 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. 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? Cookie Settings/Do Not Sell My Personal Information. He pled guilty but has not yet been sentenced. Scott Bradford is the lead prosecutor on the case. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Ledger left the company in 2005 in a highly controversial and public way. All three are permanently barred from the securities industry. That has changed as the criminal case nears the indictment stage. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) | Privacy Statement. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. 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. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Portland, Oregon 97204 All Rights Reserved. Some money from new investors was allegedly used to pay earlier investors 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. I have really enjoyed working with Seth, Brian and the Cathedral team.. They've got that too. 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. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Gillis was the second Aequitas chief financial officer. They've got that too. 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). 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 If you purchase a product or register for an account through one of the links on our site, we may receive compensation. The Oregonian first reported the criminal charges and guilty plea. Learn more about reprints and licensing for this article. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. Oliver was the companys primary fundraiser and shared responsibility for the operation and management of Aequitas-affiliated companies and investment products as well as for the use of investor money. 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. A Salem, Oregon man pleaded guilty today for using Twitter to threaten violence against employees of Robinhood Markets, Inc., an online financial services company based in Menlo Park, California. 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. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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. They agreed to plead guilty and cooperate with the government.. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. They agreed to plead guilty and cooperate with the government. A .gov website belongs to an official government organization in the United States. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 2023 RIA Intel, an Institutional Investor Publication. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Aequitas collapsed in 2016 owing about $600 million to investors. Brian A. Oliver, a former owner and executive vice president of Aequitas Management, LLC and several other Aequitas-related companies pleaded guilty to conspiring to commit mail and wire fraud and money laundering. Then Corinthian went bankrupt. Its been a long time coming, Kayser said. | Link Errors Also charged are Nelson Scott Gillis, 67, of Lake Oswego, Oregon; Brian K. Rice, 54, of Portland; and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. Attorney Billy J. Williams announced today that 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. 1000 SW Third Ave Suite 600 This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. Secure .gov websites use HTTPS Not guilty pleas and denial of forfeiture allegation entered. 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. 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. ) or https:// means youve safely connected to the .gov website. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Investors had been bilked out of hundreds of millions of dollars, the SEC said. PORTLAND, Ore.U.S. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Brian received a Bachelor of Science degree from Oregon State University. Main Office: 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. If you need help with finances, they've got that covered. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 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Luminaries from the downtown business establishment wanted to join the team. YouTubes privacy policy is available here and YouTubes terms of service is available here. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 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. He was even on the board of the Arlington Club. But I think my clients will be thrilled. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Jesenik also must pay a civil penalty of $625,000. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. It is believed that since he was ousted from Aequitas, Jesenik has been. 2020 update: Aequitas investors recoup some money. | Sign In, Verdict Corrections Rice served as Aequitass executive vice president and president of wealth management. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. But this one was worse. 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. 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 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.

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