Community Rules apply to all content you upload or otherwise submit to this site. 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. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. 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. 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Cookie Settings/Do Not Sell My Personal Information. It began to default on the interest payments owed its legion of mom and pop investors. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. They also have people who have helped raise money and sell businesses so they can help with that too. Guilty pleas entered as to Counts 1 and 2 of the Information. Much of the cash went to make the payments owed to other investors. There was the motorcycle leasing company. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Attorneys for the District of Oregon. Main Office: Aequitas specialized in debt. 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. 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. 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. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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 Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. One of Aequitas biggest moneymakers disappeared almost overnight. Some money from new investors was allegedly used to pay earlier investors Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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? 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Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 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. ) or https:// means youve safely connected to the .gov website. 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. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. 1000 SW Third Ave Suite 600 The company's general counsel just quit. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. He was the British honorary consul to Portland. They agreed to plead guilty and cooperate with the government.. District of Oregon Rice headed Key Bank in Oregon for 12 years. PORTLAND, Ore.U.S. Defendant waived reading of the Information. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. Its been a long time coming, Kayser said. Secure .gov websites use HTTPS Brian has been a Senior Advisor with Cathedral Consulting since 2017. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. They both opted not to talk. Main Office: 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. Marketing? MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Brian Oliver President, Cathedral Finance | Senior Advisor Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 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. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) 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. A locked padlock More Local News to Love Start today for 50% off Expires 3/6/23. A lock ( A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. ORDER Presentence Report to be prepared by U.S. Aequitas investors lost about $600 million after the collapse. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. 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. Aequitas also had tentacles spread throughout the RIA world. The Oregonian first reported the criminal charges and guilty plea. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Lock (Tape #FTR-9B) (gw) (Entered: 04/19/2019) The company's general counsel just quit. 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. 1000 SW Third Ave Suite 600 PORTLAND, Ore.U.S. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. They've got that too. 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. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Oliver is the first former Aequitas Capital executive to be criminally charged. Email USAO-OR. Defendant proceeds as named. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. If convicted on all charges, each of the defendants could face decades in prison and millions of dollars in fines and restitution, as well as five years supervised release following their prison terms. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . 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. 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 . He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. 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. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Ledger left the company in 2005 in a highly controversial and public way. Until now, Rice and MacRitchie have faced minimal legal expenses. Former Aequitas Owner and Executive Vice President . The firm purchased or invested in other financial firms, many of them glorified debt collectors. Portland, Oregon 97204 Have a question about Government Services? Official websites use .gov Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 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. The company's general counsel just quit. All rights reserved (About Us). Brian Oliver, Aequitas Capital's longtime No. Reset here, 1999 - 2023 citywire.com. Luminaries from the downtown business establishment wanted to join the team. | Store Lock Aequitas collapsed in 2016 owing about $600 million to investors. Cookie Settings/Do Not Sell My Personal Information. (chso). 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. But it appears they are far from done. ) or https:// means youve safely connected to the .gov website. 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. PORTLAND, Ore.U.S. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Share sensitive information only on official, secure websites. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 2023 RIA Intel, an Institutional Investor Publication. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". (See separate order.) 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. But this one was worse. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . The Government does not seek detention and Defendant is released on conditions. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. II. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. All Rights Reserved. Main Office: They agreed to plead guilty and cooperate with the government. 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. He declined to comment. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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.. He argues he needs the money to help defray losses suffered by Aequitas investors. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Official websites use .gov ORDER Defendant released on previous conditions. More Local News to Love Start today for 50% off Expires 3/6/23. But I think my clients will be thrilled. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. SEC charges advisor over Aequitas conflicts of interest. Once a high-flying Lake Oswego . 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. A locked padlock 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. 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. RIA Intel is part of Delinian. 2023 Advance Local Media LLC. But prosecutors allege the Aequitas executives lied about the firms financial performance. 2023 InvestmentNews LLC. 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. 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. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 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 also have people who have helped raise money and sell businesses so they can help with that too. Share sensitive information only on official, secure websites. All three are permanently barred from the securities industry. He is scheduled to be. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Then Corinthian went bankrupt. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Seven years ago, it was easy to believe in Aequitas. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. 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. 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 The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. 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. | Sign In, Verdict Corrections 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. Waiver of indictment signed and accepted by the Court. Scott Bradford is the lead prosecutor on the case. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. 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 is scheduled to be sentenced on Aug. 5. 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. 13. President, Cathedral Finance|Senior Advisor. PORTLAND, Ore.U.S. 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. Defendant advised of rights. 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). ORDER granting the Government's oral motion to unseal the case. He committed suicide in an attempt to hide . Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Defendant advised of rights. Oliver was also charged criminally for his conduct. A .gov website belongs to an official government organization in the United States. PORTLAND, Ore.U.S. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Email USAO-OR. Attorneys for the District of Oregon. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Accounting giant Deloitte, stock trader T.D. | Advertising All rights reserved (About Us). Other funds went to pay their salaries. 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.
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