Longtime Aequitas No. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Then Corinthian went bankrupt. 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. 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! 1000 SW Third Ave Suite 600 The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. 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. Aequitas collapsed in 2016 owing about $600 million to investors. 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. An official website of the United States government. But this one was worse. It is believed that since he was ousted from Aequitas, Jesenik has been. Aequitas did make legitimate investments. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. The Oregon firm thought it had hit the motherlode when it got into the college debt business. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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. He committed suicide in an attempt to hide . Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. They've got that too. 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.. Rice headed Key Bank in Oregon for 12 years. 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. Official websites use .gov The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. If you need help with finances, they've got that covered. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. 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. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. They are also prohibited from violating the SECs antifraud provisions. 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. Gillis was the second Aequitas chief financial officer. Once a high-flying Lake Oswego . 1000 SW Third Ave Suite 600 I have really enjoyed working with Seth, Brian and the Cathedral team.. 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. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Plea Petition and Plea Agreement signed and accepted by the Court. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Rice acknowledged in court filings that he's a suspect in the case. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. Defendant sworn and examined. Attorneys for the District of Oregon. 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. On August 11, 2020, the U.S. Attorneys Officeannounced that Gillis had been charged in a 34-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. 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. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Luminaries from the downtown business establishment wanted to join the team. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. 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 three are permanently barred from the securities industry. One of Aequitas biggest moneymakers disappeared almost overnight. Official websites use .gov The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. Defendant advised of rights. B. Marketing? District of Oregon Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. A locked padlock Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. PORTLAND, Ore.U.S. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. Aequitas specialized in debt. Signed on 4/19/2019 by Judge Michael W. Mosman. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. They agreed to plead guilty and cooperate with the government. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Defendant advised of rights. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. The company's general counsel just quit. President, Cathedral Finance|Senior Advisor. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 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. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Secure .gov websites use HTTPS Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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 Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. But much of that money has already been spent. Government summarized charges and terms of plea agreement. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). (kms) (Entered: 04/19/2019), Home Gillis was the second Aequitas chief financial officer. There was the motorcycle leasing company. 2023 Advance Local Media LLC. Accounting giant Deloitte, stock trader T.D. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Share sensitive information only on official, secure websites. The company had three policies each for $5 million of coverage. Main Office: Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. 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. II. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. 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. Other funds went to pay their salaries. All rights reserved (About Us). Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success, VW Will Build a $2 Billion Electric Truck and SUV Plant in South Carolina, Saudi Wealth Fund in Talks to Buy Rocco Forte Hotels Stake, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, US-Sanctioned Huawei Makes a Show of Force at Mobile Conference, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, Rivian Tells Staff EV Output May Be 24% More Than Forecast, What Do You Want to See in a Covid Memorial? If you need help with finances, they've got that covered. He declined to comment. Court finds guilty pleas to be knowing and voluntary. 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. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 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. 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. I have really enjoyed working with Seth, Brian and the Cathedral team. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Jesenik also must pay a civil penalty of $625,000. 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. Rice served as Aequitass executive vice president and president of wealth management. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Get started today before this once in a lifetime opportunity expires. A .gov website belongs to an official government organization in the United States. MacRitchie, the former utility executive, was the picture of respectability. 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 It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Brian Oliver, Aequitas Capital's longtime No. 1000 SW Third Ave Suite 600 Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . They hurt a whole lot of people.. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 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. 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. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. 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. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. A lock ( Main Office: Oliver was also charged criminally for his conduct. Have a question about Government Services? The company's general counsel just quit. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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 Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Reset here, 1999 - 2023 citywire.com. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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. Oliver is the first former Aequitas Capital executive to be criminally charged. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Share sensitive information only on official, secure websites. In April, Brian Oliver, Aequitas. Aequitas investors lost about $600 million after the collapse. He is scheduled to be. Attorneys for the District of Oregon. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. More Local News to Love Start today for 50% off Expires 3/6/23. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Another was a utility executive who helped change Portlands business landscape. ORDER Defendant released on previous conditions. 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING They also have people who have helped raise money and sell businesses so they can help with that too. 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.. 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.