The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Reset here, 1999 - 2023 citywire.com. They've got that too. One of Aequitas biggest moneymakers disappeared almost overnight. Former Aequitas Owner and Executive Vice President . Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) PORTLAND, Ore.U.S. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. The Government does not seek detention and Defendant is released on conditions. Share sensitive information only on official, secure websites. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Much of the cash went to make the payments owed to other investors. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Mike Esler, another attorney for Aequitas investors, credited federal prosecutors for sticking with an extremely complex case all the way to the indictment of Aequitas leader Jesenik. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. 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. | Recent Lawyer Listings A locked padlock A lock ( This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Lock If you missed the last issue of InvestmentNews, you can access it here. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. He pled guilty but has not yet been sentenced. 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 need help with finances, they've got that covered. The company had three policies each for $5 million of coverage. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 0. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Aequitas specialized in debt. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). He is scheduled to be sentenced on Aug. 5. 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 Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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 Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. The company's general counsel just quit. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 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. Luminaries from the downtown business establishment wanted to join the team. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. Waiver of indictment signed and accepted by the Court. Another was a utility executive who helped change Portlands business landscape. There was the commercial lender. 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. Get started today before this once in a lifetime opportunity expires. 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. If you need help with finances, they've got that covered. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. More Local News to Love Start today for 50% off Expires 3/6/23. Official websites use .gov 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 Lock 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. All rights reserved (About Us). Its been a long time coming, Kayser said. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. 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. 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? But it appears they are far from done. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. By late 2015, Aequitas was suffering one of its periodic cash flow crises. A lock ( Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. He declined to comment. 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. It was the beginning of the end for the high-flying company. (See separate order.) 2023 RIA Intel, an Institutional Investor Publication. 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 also have people who have helped raise money and sell businesses so they can help with that too. It is free to register and only takes a minute or two. 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. Defendant advised of rights. Defendant sworn and examined. Main Office: Aequitas investors lost about $600 million after the collapse. 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! It is believed that since he was ousted from Aequitas, Jesenik has been. More Local News to Love Start today for 50% off Expires 3/6/23. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Brian received a Bachelor of Science degree from Oregon State University. Court finds defendant capable and competent to enter plea. A .gov website belongs to an official government organization in the United States. Now both have been sucked into the criminal fraud investigation of the collapsed firm. A locked padlock MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Oliver was also charged criminally for his conduct. It began to default on the interest payments owed its legion of mom and pop investors. | Privacy Statement. (chso). The Oregonian first reported the criminal charges and guilty plea. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . As part of the plea agreement, Oliver has agreed to pay restitution in full to each of victims as determined and ordered by the court. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. They hurt a whole lot of people.. Guilty pleas entered as to Counts 1 and 2 of the Information. Portland, Oregon 97204 They also have people who have helped raise money and sell businesses so they can help with that too. 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. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Have a question about Government Services? Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Bob Jesenik has not been criminally charged. Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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. (kms) (Entered: 04/19/2019), Home Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 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. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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. 2023 Advance Local Media LLC. | Store Gillis was the second Aequitas chief financial officer. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING 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. 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. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. 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. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . In a divorce settlement filed with the court, it's. The new indictments bring to six the number of former Aequitas executives charged with defrauding 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. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Aequitas collapsed in 2016 owing about $600 million to investors. 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. 2020 update: Aequitas investors recoup some money. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. In April, Brian Oliver, Aequitas. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Jesenik also must pay a civil penalty of $625,000. Brian A. Oliver, age 51, resides in Aurora, Oregon. 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? In reporting on the Aequitas claim, a local publication, The Oregonian, wrote: "Aequitas never gained the local reputation for integrity and savvy that its executives longed for. Attorneys for the District of Oregon. 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.. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. 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). Main Office: The company's general counsel just quit. Plea Petition and Plea Agreement signed and accepted by the Court. Ledger left the company in 2005 in a highly controversial and public way. 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. As Aequitas grew, its profile in the community also increased. 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. 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. Rice headed Key Bank in Oregon for 12 years. Secure .gov websites use HTTPS Have a question about Government Services? But much of that money has already been spent. He was the British honorary consul to Portland. Longtime Aequitas 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. 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. All rights reserved (About Us). Share sensitive information only on official, secure websites. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Sentencing materials are due no later than 7/31/2019. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. ) or https:// means youve safely connected to the .gov website. Marketing? He is scheduled to be. 2023 InvestmentNews LLC. He committed suicide in an attempt to hide . There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. ORDER granting the Government's oral motion to unseal the case. They both opted not to talk. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . 13. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. The company opened slick new offices in New York City. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Signed on 4/19/2019 by Judge Michael W. Mosman. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. 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 Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Aequitas did make legitimate investments. PORTLAND, Ore.U.S. Not guilty pleas and denial of forfeiture allegation entered. There are also questions about whether Jesenik and other defendants spent the money appropriately. A .gov website belongs to an official government organization in the United States. 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). In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Investors had been bilked out of hundreds of millions of dollars, the SEC said. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Sam Kauffman is MacRitchies attorney. 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. Oliver is the first former Aequitas Capital executive to be criminally charged. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. 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. PORTLAND, Ore.U.S. Then Corinthian went bankrupt. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Once a high-flying Lake Oswego . 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 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. Secure .gov websites use HTTPS MacRitchie was the companys executive vice president and chief compliance officer. An official website of the United States government. 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. But I think my clients will be thrilled. There was no more hiding the fact that Aequitas was broke. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. 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 . RIA Intel is part of Delinian. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) All Rights Reserved. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. MacRitchie, the former utility executive, was the picture of respectability. 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. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Lock 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. Defendant proceeds as named. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) The high-interest loans were terrible for students. Tennis Record Accuracy, Articles B