Janke becomes second Aequitas executive to plead guilty; could get Get started today before this once in a lifetime opportunity expires. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. ) or https:// means youve safely connected to the .gov website. 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.. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February 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. That has changed as the criminal case nears the indictment stage. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money He pled guilty but has not yet been sentenced. The high-interest loans were terrible for students. | Editor In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Once a high-flying Lake Oswego . Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 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. 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. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. All material subject to strictly enforced copyright laws. 0. 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. According to a Complaint filed on March 10, 2016 in Oregon federal district court, the SEC has brought claims against Aequitas Management, LLC (CRD# 143780/SEC# 801-68039) and three Aequitas executives, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis for defrauding investors and for a breach of fiduciary duties. Main Office: Aequitas did make legitimate investments. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Brian has been a Senior Advisor with Cathedral Consulting since 2017. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Email USAO-OR. 2023 RIA Intel, an Institutional Investor Publication. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Investment adviser: Aequitas lied to investors, hid - oregonlive 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) All three are permanently barred from the securities industry. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Oliver was also charged criminally for his conduct. 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. Share sensitive information only on official, secure websites. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Bob Jesenik, three other former Aequitas executives - Oregonlive 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. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive (1) In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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. ORDER Defendant released on previous conditions. | Sign In, Verdict Corrections 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. There was the motorcycle leasing company. Please sign in or register to comment. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Gillis was the second Aequitas chief financial officer. 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. Investment adviser: Aequitas lied to investors | The Seattle Times 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. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. The company opened slick new offices in New York City. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 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). Lock 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. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Community Rules apply to all content you upload or otherwise submit to this site. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. He was the British honorary consul to Portland. Its been a long time coming, Kayser said. If you need help with finances, they've got that covered. Brian Oliver - Technical Specialist - BCX | ZoomInfo 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! District of Oregon Gillis was the second Aequitas chief financial officer. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. They've got that too. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. ) or https:// means youve safely connected to the .gov website. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Secure .gov websites use HTTPS 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. Brian received a Bachelor of Science degree from Oregon State University. Email USAO-OR. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Investors had been bilked out of hundreds of millions of dollars, the SEC said. 3 Executives of Aequitas Management LLC Charged for Fraud 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? A locked padlock All Rights Reserved. More Local News to Love Start today for 50% off Expires 3/6/23. MacRitchie was the companys executive vice president and chief compliance officer. Accounting giant Deloitte, stock trader T.D. Former Aequitas CEO testifies in divorce trial Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 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. A .gov website belongs to an official government organization in the United States. (chso). Rice served as Aequitass executive vice president and president of wealth management. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Share sensitive information only on official, secure websites. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Court finds defendant capable and competent to enter plea. Until now, Rice and MacRitchie have faced minimal legal expenses. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Official websites use .gov 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. PDF United States of America Securities and Exchange Commission Investment 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, Oregon 97204 ) or https:// means youve safely connected to the .gov website. 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. Claim Data and Trends - EPIC Insurance Brokers & Consultants Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. 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 More Local News to Love Start today for 50% off Expires 3/6/23. Sentencing materials are due no later than 7/31/2019. Brian Oliver, Aequitas Capital's longtime No. In a divorce settlement filed with the court, it's. 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. | Advertising Gillis was the second Aequitas chief financial officer. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive 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. 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. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Main Office: If you purchase a product or register for an account through one of the links on our site, we may receive compensation. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. They've got that too. District of Oregon | Former Aequitas Senior Executive and Chief 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. Have a question about Government Services? Attorneys for the District of Oregon. YouTubes privacy policy is available here and YouTubes terms of service is available here. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. SEC files Complaint against Aequitas Management - Fishman Haygood Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Aequitas also had tentacles spread throughout the RIA world. 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. Cookie Settings/Do Not Sell My Personal Information. Oliver was the primary fundraiser for ACF and the Aequitas Funds and a member of the management committees responsible for selecting or approving the investments made with investor . Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Court orders Aequitas to disgorge $453 million in fraud case II. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. 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. They also have people who have helped raise money and sell businesses so they can help with that too. brian oliver, aequitas Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. 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. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Other funds went to pay their salaries. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Guilty pleas entered as to Counts 1 and 2 of the Information. Some money from new investors was allegedly used to pay earlier investors Attorneys for the District of Oregon. But much of that money has already been spent. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting But prosecutors allege the Aequitas executives lied about the firms financial performance. YouTubes privacy policy is available here and YouTubes terms of service is available here.
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