Prosecutors claim the Aequitas executives misled company investors about how their money was being used. 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. Oliver was also charged criminally for his conduct. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper.
Prosecutors' wide net: Prominent Portland executives sucked into They also have people who have helped raise money and sell businesses so they can help with that too. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. ) or https:// means youve safely connected to the .gov website. Portland, Oregon 97204
Rice acknowledged in court filings that he's a suspect in the case. (Entered: 04/19/2019) All three are permanently barred from the securities industry. 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. Marketing? YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Learn more about reprints and licensing for this article. There was the motorcycle leasing company. 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. District of Oregon
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. Signed on 4/19/2019 by Judge Michael W. Mosman. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Ledger left the company in 2005 in a highly controversial and public way. In a divorce settlement filed with the court, it's. 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. Gillis was the second Aequitas chief financial officer. Brian Oliver, Aequitas Capital's longtime No. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. The Oregonian first reported the criminal charges and guilty plea. Brian's 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. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Cookie Settings/Do Not Sell My Personal Information.
Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit 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. 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. 2 executive Brian Oliver pleaded guilty to the same charges in April. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 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.. 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. 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. The high-interest loans were terrible for students. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Cookie Settings/Do Not Sell My Personal Information.
The company had three policies each for $5 million of coverage. More Local News to Love Start today for 50% off Expires 3/6/23. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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. Get started today before this once in a lifetime opportunity expires. Official websites use .gov Aequitas investors lost about $600 million after the collapse. PORTLAND, Ore.U.S.
SEC Posts Notice of Covered Action Regarding Case Against Aequitas Aequitas also had tentacles spread throughout the RIA world. ) or https:// means youve safely connected to the .gov website. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Government summarized charges and terms of plea agreement. 1000 SW Third Ave Suite 600
Scott Bradford is the lead prosecutor on the case. He pled guilty but has not yet been sentenced. 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. 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. ) or https:// means youve safely connected to the .gov website. The firm purchased or invested in other financial firms, many of them glorified debt collectors. PORTLAND, Ore.U.S. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. I have really enjoyed working with Seth, Brian and the Cathedral team.. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Once a high-flying Lake Oswego . A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 1000 SW Third Ave Suite 600
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Investors agree to $234.6M in settlements in Aequitas was - Portland Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Defendant advised of rights. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Oliver is the first former Aequitas Capital executive to be criminally charged. Not guilty pleas and denial of forfeiture allegation entered. He was the British honorary consul to Portland. ORDER granting the Government's oral motion to unseal the case. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. (1) The Government does not seek detention and Defendant is released on conditions. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) Aequitas did make legitimate investments. Court finds defendant capable and competent to enter plea.
District of Oregon | Former Aequitas Senior Executive and Chief Lock 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. Another was a utility executive who helped change Portlands business landscape. The company's general counsel just quit. Rice headed Key Bank in Oregon for 12 years.
Investment adviser: Aequitas lied to investors | The Seattle Times 0. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. MacRitchie, the former utility executive, was the picture of respectability. 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. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Attorneys for the District of Oregon. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 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 also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced.
Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Gillis was the second Aequitas chief financial officer. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. 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. 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. 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. 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. Sam Kauffman is MacRitchies attorney.
In April, Brian Oliver, Aequitas.
Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. But they made good money for Aequitas and its investors. 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. The company opened slick new offices in New York City. Luminaries from the downtown business establishment wanted to join the team. ORDER Defendant released on previous conditions. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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.