But this one was worse. Email USAO-OR. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 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. 1000 SW Third Ave Suite 600 Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. I have really enjoyed working with Seth, Brian and the Cathedral team. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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. A lock ( This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Sentencing materials are due no later than 7/31/2019. 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. 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Main Office: Email USAO-OR. An official website of the United States government. 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 final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. A lock ( Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. | Editor Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. The Oregonian first reported the criminal charges and guilty plea. Bob Jesenik has not been criminally charged. | Recent Lawyer Listings Its been a long time coming, Kayser said. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Much of the cash went to make the payments owed to other investors. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. There was the motorcycle leasing company. 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. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Plea Petition and Plea Agreement signed and accepted by the Court. That has changed as the criminal case nears the indictment stage. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. 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. Gillis was the second Aequitas chief financial officer. Aequitas specialized in debt. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. | Link Errors 13. The firm was growing quickly, it did business with some of the best-known investment advisors in the country, it claimed to have more than $1 billion under management. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. More Local News to Love Start today for 50% off Expires 3/6/23. The Government does not seek detention and Defendant is released on conditions. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. SEC charges advisor over Aequitas conflicts of interest. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. But they made good money for Aequitas and its investors. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. PORTLAND, Ore.U.S. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. 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. 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. 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! Sam Kauffman is MacRitchies attorney. It was the beginning of the end for the high-flying company. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. The Oregon firm thought it had hit the motherlode when it got into the college debt business. 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. They agreed to plead guilty and cooperate with the government. Court finds defendant capable and competent to enter plea. 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. ORDER Presentence Report to be prepared by U.S. Waiver of indictment signed and accepted by the Court. 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. 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. ) or https:// means youve safely connected to the .gov website. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. 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. 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. 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. 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. Investors had been bilked out of hundreds of millions of dollars, the SEC said. A locked padlock A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. The company opened slick new offices in New York City. Defendant advised of rights. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. They've got that too. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Luminaries from the downtown business establishment wanted to join the team. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. A .gov website belongs to an official government organization in the United States. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) 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. Reset here, 1999 - 2023 citywire.com. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. The company had three policies each for $5 million of coverage. (See separate order.) 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. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. PORTLAND, Ore.U.S. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas | Advertising The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 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. 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. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . More Local News to Love Start today for 50% off Expires 3/6/23. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Official websites use .gov Government summarized charges and terms of plea agreement. 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. Lock It is free to register and only takes a minute or two. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 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 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. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Have a question about Government Services? 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. 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. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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. Brian A. Oliver, age 51, resides in Aurora, Oregon. 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. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) YouTubes privacy policy is available here and YouTubes terms of service is available here. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Portland, Oregon 97204 He is scheduled to be. 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. Another was a utility executive who helped change Portlands business landscape. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. There was no more hiding the fact that Aequitas was broke. Guilty pleas entered as to Counts 1 and 2 of the Information. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Secure .gov websites use HTTPS Seven years ago, it was easy to believe in Aequitas. 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. They both opted not to talk. Brian received a Bachelor of Science degree from Oregon State University. 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. It began to default on the interest payments owed its legion of mom and pop investors. 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. 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. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 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? The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. An official website of the United States government. Brian Oliver, Aequitas Capital's longtime No. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. I have really enjoyed working with Seth, Brian and the Cathedral team.. 2023 Advance Local Media LLC. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. He committed suicide in an attempt to hide . Rice acknowledged in court filings that he's a suspect in the case. Official websites use .gov By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. A locked padlock Share sensitive information only on official, secure websites. 2023 Advance Local Media LLC. 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. PORTLAND, Ore.U.S. 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. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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