04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. More Local News to Love Start today for 50% off Expires 3/6/23. They've got that too. Lock The court also required Robert J. Jesenik, the firms former CEO, and Brian A. Oliver, its former executive vice president, to pay $940,806 and $235,928, respectively, in disgorgement and interest. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle 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. Gillis was the second Aequitas chief financial officer. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Secure .gov websites use HTTPS 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.. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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. 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. Aequitas specialized in debt. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. 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. All rights reserved (About Us). They agreed to plead guilty and cooperate with the government. There are also questions about whether Jesenik and other defendants spent the money appropriately. It is believed that since he was ousted from Aequitas, Jesenik has been. Marketing? 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. Luminaries from the downtown business establishment wanted to join the team. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Redmond adviser caught in Oregon firm's $600M financial collapse 2023 Advance Local Media LLC. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Share sensitive information only on official, secure websites. Defendant waived reading of the Information. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. A locked padlock Re: United States of America v. Brian A. Oliver - MoreLaw They also have people who have helped raise money and sell businesses so they can help with that too. They've got that too. If you need help with finances, they've got that covered. 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. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Rice acknowledged in court filings that he's a suspect in the case. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Oliver, former second-in-command at Aequitas, pleads guilty to fraud Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. 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. 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. U.S. Attorney's Office, District of Oregon, Criminal conspiracy could have cost investors more than $600 million, Former Aequitas Owner and Executive Vice President Pleads Guilty in Fraud and Money Laundering Conspiracy, Salem Man Pleads Guilty for Using Twitter to Threaten Violence Against Robinhood Employees, FBI and Partners Issue National Public Safety Alert on Financial Sextortion Schemes, Armed Robbery Crew Posing as DEA Agents Charged in Federal Court, Former Aequitas Owner and Executive Vice President Pleads Guilty In Fraud and Money Laundering Conspiracy. Court finds defendant capable and competent to enter plea. A locked padlock 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. I have really enjoyed working with Seth, Brian and the Cathedral team. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. 2023 InvestmentNews LLC. Secure .gov websites use HTTPS I have really enjoyed working with Seth, Brian and the Cathedral team.. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) 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. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Learn more about reprints and licensing for this article. Court orders Aequitas to disgorge $453 million in fraud case Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. 2023 Advance Local Media LLC. One of Aequitas biggest moneymakers disappeared almost overnight. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Bob Jesenik, three other former Aequitas executives - Oregonlive But they made good money for Aequitas and its investors. SEC charges advisor over Aequitas conflicts of interest. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Waiver of indictment signed and accepted by the Court. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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 . Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Portland, Oregon 97204 Attorneys for the District of Oregon. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 1000 SW Third Ave Suite 600 Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Government summarized charges and terms of plea agreement. 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Ledger left the company in 2005 in a highly controversial and public way. He is scheduled to be sentenced on Aug. 5. 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. By late 2015, Aequitas was suffering one of its periodic cash flow crises. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . ) or https:// means youve safely connected to the .gov website. 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. District of Oregon | Former Aequitas Owner and Executive Vice President Longtime Aequitas No. 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! PORTLAND, Ore.U.S. Bob Jesenik and Brian Oliver, the long-time chief executive and second-in-command at the Lake Oswego financial firm, said any misstatements they may have made to investors were simply. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Main Office: An official website of the United States government. RIA Intel is part of Delinian. Investment adviser: Aequitas lied to investors | The Seattle Times In a divorce settlement filed with the court, it's. 3 Executives of Aequitas Management LLC Charged for Fraud Portland, Oregon 97204 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. Main Office: Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. But this one was worse. They both opted not to talk. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. There was no more hiding the fact that Aequitas was broke. 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Brian Oliver, Aequitas Capital's longtime No. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. 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.. Official websites use .gov Jesenik also must pay a civil penalty of $625,000. Get started today before this once in a lifetime opportunity expires. Official websites use .gov 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. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Main Office: Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. 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. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. The Government does not seek detention and Defendant is released on conditions. An official website of the United States government. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. But it appears they are far from done. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Community Rules apply to all content you upload or otherwise submit to this site. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. This is a company that talked a woman into investing nearly her entire retirement nest-egg -- about half-a-million dollars - in October 2015, Kayser said. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Email USAO-OR. PORTLAND, Ore.U.S. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Have a question about Government Services? There was the motorcycle leasing company. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Please sign in or register to comment. 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. 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. Share sensitive information only on official, secure websites. Brian A. Oliver, age 51, resides in Aurora, Oregon. PORTLAND, Ore.U.S. District of Oregon | Former Aequitas Owner and Chief Financial Officer Attorneys in Aequitas Capital fraud case spar over Oregon regulator who They also have people who have helped raise money and sell businesses so they can help with that too. Now both have been sucked into the criminal fraud investigation of the collapsed firm. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Plea Petition and Plea Agreement signed and accepted by the Court. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. ORDER granting the Government's oral motion to unseal the case. 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. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Defendant proceeds as named. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Not guilty pleas and denial of forfeiture allegation entered. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . But much of that money has already been spent. 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). 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. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. But I think my clients will be thrilled. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Gillis was the second Aequitas chief financial officer. As Aequitas grew, its profile in the community also increased. 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). A lock ( Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. (See separate order.) Marketing? He was even on the board of the Arlington Club. 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. 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. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Defendant sworn and examined. 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. It is free to register and only takes a minute or two. Signed on 4/19/2019 by Judge Michael W. Mosman. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 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? 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? Aequitas also had tentacles spread throughout the RIA world. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting 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.