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Cookie Settings/Do Not Sell My Personal Information. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. 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. They both opted not to talk. President, Cathedral Finance|Senior Advisor. Main Office: SEC bars Aequitas execs after $540m judgement against Oregon firm He argues he needs the money to help defray losses suffered by Aequitas investors. Secure .gov websites use HTTPS Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 13. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Marketing? The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. (See separate order.) Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . The company's general counsel just quit. 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? Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Aequitas Capital Management Lawsuit - Law Meg If you need help with finances, they've got that covered. 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. Portland, Oregon 97204 Attorneys in Aequitas Capital fraud case spar over Oregon regulator who 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. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Oliver, former second-in-command at Aequitas, pleads guilty to fraud (1) Email USAO-OR. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. 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? There was no more hiding the fact that Aequitas was broke. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. All material subject to strictly enforced copyright laws. 1000 SW Third Ave Suite 600 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). A .gov website belongs to an official government organization in the United States. Court finds defendant capable and competent to enter plea. | Privacy Statement. Secure .gov websites use HTTPS Aequitas Management LLC and four affiliates allegedly defrauded more than 1,500 investors nationwide into believing they were making health care, education, and transportation-related investments when their money was really being used in a last-ditch effort to save the firm. PORTLAND, Ore.U.S. But much of that money has already been spent. It began to default on the interest payments owed its legion of mom and pop investors. (Entered: 04/19/2019) If you need help with finances, they've got that covered. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Bob Jesenik, three other former Aequitas executives - Oregonlive But I think my clients will be thrilled. 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). Official websites use .gov 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Investors agree to $234.6M in settlements in Aequitas was - Portland 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. 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. | Link Errors 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. The company's general counsel just quit. A lock ( 3 Executives of Aequitas Management LLC Charged for Fraud The firm purchased or invested in other financial firms, many of them glorified debt collectors. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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). 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! 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. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Another was a utility executive who helped change Portlands business landscape. Former Aequitas Owner and Executive Vice President . 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. brian oliver, aequitas 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.. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. YouTubes privacy policy is available here and YouTubes terms of service is available here. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Its been a long time coming, Kayser said. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Signed on 4/19/2019 by Judge Michael W. Mosman. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Share sensitive information only on official, secure websites. The Oregon firm thought it had hit the motherlode when it got into the college debt business. As Aequitas grew, its profile in the community also increased. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) 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. MacRitchie, the former utility executive, was the picture of respectability. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Redmond adviser caught in Oregon firm's $600M financial collapse In April, Brian Oliver, Aequitas. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Accounting giant Deloitte, stock trader T.D. 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. Have a question about Government Services? 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. PORTLAND, Ore.U.S. 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. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Community Rules apply to all content you upload or otherwise submit to this site. Portland, Oregon 97204 SEC Charges Oregon-Based Investment Group and Executives With The company opened slick new offices in New York City. 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. 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 He is scheduled to be. 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. 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. 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. There was the commercial lender. 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. All three are permanently barred from the securities industry. ) or https:// means youve safely connected to the .gov website. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. | Advertising He committed suicide in an attempt to hide . Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Defendant waived reading of the Information. SEC files Complaint against Aequitas Management - Fishman Haygood Brian A. Oliver, age 51, resides in Aurora, Oregon. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Rice acknowledged in court filings that he's a suspect in the case. 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. More Local News to Love Start today for 50% off Expires 3/6/23. The company had three policies each for $5 million of coverage. Aequitas did make legitimate investments. Luminaries from the downtown business establishment wanted to join the team. 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 Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography 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. They hurt a whole lot of people.. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Gillis was the second Aequitas chief financial officer. They also have people who have helped raise money and sell businesses so they can help with that too. Oliver is the first former Aequitas Capital executive to be criminally charged. Official websites use .gov Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting Investors had been bilked out of hundreds of millions of dollars, the SEC said. ORDER Defendant released on previous conditions. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. One of Aequitas biggest moneymakers disappeared almost overnight. A .gov website belongs to an official government organization in the United States. 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. Brian received a Bachelor of Science degree from Oregon State University. 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. District of Oregon This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. | Sign In, Verdict Corrections 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. 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. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. ) 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. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas