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District of Oregon | Former Aequitas Owner and Executive Vice President He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. District of Oregon | Former Aequitas Owner and Chief Financial Officer Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit They also have people who have helped raise money and sell businesses so they can help with that too. A lock ( Aequitas investors lost about $600 million after the collapse. 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. 0. (kms) (Entered: 04/19/2019), Home | Articles Subsequent reports detailed Aequitas default on its debt, the resulting panic among investors, the secret conflicts, and the firms strange cultural mashup -- part Wall Street investment bank, part frat party, part Bible class. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. A locked padlock He was even on the board of the Arlington Club. Official websites use .gov ORDER granting the Government's oral motion to unseal the case. Waiver of indictment signed and accepted by the Court. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) ORDER Presentence Report to be prepared by U.S. 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. A locked padlock He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Email USAO-OR. 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 Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. 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. Accounting giant Deloitte, stock trader T.D. The Oregonian first reported the criminal charges and guilty plea. 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. Its been a long time coming, Kayser said. He pled guilty but has not yet been sentenced. They are also prohibited from violating the SECs antifraud provisions. | Editor He was the British honorary consul to Portland. An official website of the United States government. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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. 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. Defendant sworn and examined. RIA Intel is part of Delinian. 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 Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Gillis was the second Aequitas chief financial officer. 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. There was the commercial lender. Brian A. Oliver, age 51, resides in Aurora, Oregon. 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? His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. It is free to register and only takes a minute or two. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. 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. Bob Jesenik, three other former Aequitas executives - Oregonlive 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.. Main Office: Redmond adviser caught in Oregon firm's $600M financial collapse Sentencing materials are due no later than 7/31/2019. 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. 1000 SW Third Ave Suite 600 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. ORDER Defendant released on previous conditions. An official website of the United States government. 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. 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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! SEC charges advisor over Aequitas conflicts of interest. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Portland, Oregon 97204 YouTubes privacy policy is available here and YouTubes terms of service is available here. Jesenik will have to pay $1.57 million in disgorgement, interest and penalties, while Oliver will pay $235,928 in disgorgement and interest, and Gillis will pay a $300,000 civil penalty. PORTLAND, Ore.U.S. Secure .gov websites use HTTPS 13. A lock ( Oliver, former second-in-command at Aequitas, pleads guilty to fraud 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. PDF United States of America Securities and Exchange Commission Investment Much of the cash went to make the payments owed to other investors. Aequitas collapsed in 2016 owing about $600 million to investors. Investment adviser: Aequitas lied to investors, hid - oregonlive Some money from new investors was allegedly used to pay earlier investors Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Gillis was the second Aequitas chief financial officer. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. He is scheduled to be. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. In a separate administrative proceeding, Jesenik, Oliver, and Gillis were barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical ratings organization, the SEC said. 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. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Janke becomes second Aequitas executive to plead guilty; could get 1000 SW Third Ave Suite 600 The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 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. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. 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. Investors agree to $234.6M in settlements in Aequitas was - Portland 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. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography In a divorce settlement filed with the court, it's. 2023 InvestmentNews LLC. 2023 Advance Local Media LLC. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. An official website of the United States government. 2020 update: Aequitas investors recoup some money. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Secure .gov websites use HTTPS | Privacy Statement. Community Rules apply to all content you upload or otherwise submit to this site. Cookie Settings/Do Not Sell My Personal Information. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING U.S. Attorney's Office, District of Oregon, Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Laundering Conspiracy, 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 CEO and Senior Executives Indicted In Fraud and Money Laundering Conspiracy. They both opted not to talk. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Another was a utility executive who helped change Portlands business landscape. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. He committed suicide in an attempt to hide . Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. On March 10, 2016, the Securities and Exchange Commission (" SEC ") filed a complaint in this Court against the Entity Defendants 1 and three individual defendants, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Main Office: There are also questions about whether Jesenik and other defendants spent the money appropriately. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. (See separate order.) Counsel Present for Defendant: Whitney Boise, Kendra Matthews. It was the beginning of the end for the high-flying company. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. They agreed to plead guilty and cooperate with the government. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Have a question about Government Services? Ledger left the company in 2005 in a highly controversial and public way. 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. 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. The company's general counsel just quit. Luminaries from the downtown business establishment wanted to join the team. Brian Oliver - Technical Specialist - BCX | ZoomInfo The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. More Local News to Love Start today for 50% off Expires 3/6/23. Learn more about reprints and licensing for this article. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. The high-interest loans were terrible for students. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Rice headed Key Bank in Oregon for 12 years. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. A .gov website belongs to an official government organization in the United States. 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). The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. ) or https:// means youve safely connected to the .gov website. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. If you missed the last issue of InvestmentNews, you can access it here. Re: United States of America v. Brian A. Oliver - MoreLaw Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Gillis was the second Aequitas chief financial officer. Former Aequitas CEO testifies in divorce trial 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. Jesenik also must pay a civil penalty of $625,000. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Reset here, 1999 - 2023 citywire.com. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Main Office: They've got that too. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. 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. Investment adviser: Aequitas lied to investors | The Seattle Times 2 executive Brian Oliver pleaded guilty to the same charges in April. 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. Claim Data and Trends - EPIC Insurance Brokers & Consultants Official websites use .gov Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Marketing? (Entered: 04/19/2019) 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. 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. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Lock Defendant advised of rights. It began to default on the interest payments owed its legion of mom and pop investors. All three are permanently barred from the securities industry. B. Prosecutors' wide net: Prominent Portland executives sucked into Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Until now, Rice and MacRitchie have faced minimal legal expenses. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. [More: Aequitas meltdown underscores the importance of due diligence, caution]. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 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. Bob Jesenik has not been criminally charged. 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