Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas 3 Executives of Aequitas Management LLC Charged for Fraud Community Rules apply to all content you upload or otherwise submit to this site. 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. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Scott Bradford is the lead prosecutor on the case. PDF United States of America Securities and Exchange Commission Investment 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. 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. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Marketing? Email USAO-OR. There was the motorcycle leasing company. | Articles Portland, Oregon 97204 The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Secure .gov websites use HTTPS 2 executive Brian Oliver pleaded guilty to the same charges in April. All rights reserved (About Us). 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. It is free to register and only takes a minute or two. 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). 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. ) or https:// means youve safely connected to the .gov website. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. They agreed to plead guilty and cooperate with the government. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. I have really enjoyed working with Seth, Brian and the Cathedral team. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Another was a utility executive who helped change Portlands business landscape. Cookie Settings/Do Not Sell My Personal Information. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. 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. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle Attorneys for the District of Oregon. Aequitas investors lost about $600 million after the collapse. Brian has been a Senior Advisor with Cathedral Consulting since 2017. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 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. It began to default on the interest payments owed its legion of mom and pop investors. Official websites use .gov Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Reset here, 1999 - 2023 citywire.com. I have really enjoyed working with Seth, Brian and the Cathedral team.. Community Rules apply to all content you upload or otherwise submit to this site. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. There was the commercial lender. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. It was the beginning of the end for the high-flying company. Lock | Recent Lawyer Listings Aequitas Capital Management Lawsuit - Law Meg 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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 Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Main Office: 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 | Former Aequitas Owner and Chief Financial Officer Main Office: This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. 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. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Brian Oliver, Aequitas Capital's longtime No. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. A .gov website belongs to an official government organization in the United States. SEC Charges Oregon-Based Investment Group and Executives With 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 high-interest loans were terrible for students. 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. SEC files Complaint against Aequitas Management - Fishman Haygood Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit 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. He declined to comment. More Local News to Love Start today for 50% off Expires 3/6/23. Much of the cash went to make the payments owed to other investors. PORTLAND, Ore.U.S. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Brian Oliver - Technical Specialist - BCX | ZoomInfo 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. B. An official website of the United States government. 2023 InvestmentNews LLC. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. They've got that too. 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. 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. Defendant sworn and examined. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Ledger left the company in 2005 in a highly controversial and public way. Official websites use .gov Oliver is the first former Aequitas Capital executive to be criminally charged. Plea Petition and Plea Agreement signed and accepted by the Court. 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. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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). The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Secure .gov websites use HTTPS Prosecutors' wide net: Prominent Portland executives sucked into 1000 SW Third Ave Suite 600 A lock ( The complaint also alleges that Aequitas Capital Management Inc. and Aequitas Investment Management LLC violated Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, and that Jesenik, Oliver, and Gillis aided and abetted the violations of Aequitas and the affiliated entities. 1000 SW Third Ave Suite 600 View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. Rice headed Key Bank in Oregon for 12 years. 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. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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. 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. (1) Get started today before this once in a lifetime opportunity expires. 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. Share sensitive information only on official, secure websites. 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. 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. Seven years ago, it was easy to believe in Aequitas. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Rice acknowledged in court filings that he's a suspect in the case. They hurt a whole lot of people.. All rights reserved (About Us). 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. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. 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. The Government does not seek detention and Defendant is released on conditions. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) A .gov website belongs to an official government organization in the United States. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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? Cookie Settings/Do Not Sell My Personal Information. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Longtime Aequitas No. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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 . 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. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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). | Advertising 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! 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. It is believed that since he was ousted from Aequitas, Jesenik has been. District of Oregon | Former Aequitas Senior Executive and Chief Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. 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? Brian A. Oliver, age 51, resides in Aurora, Oregon. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. An official website of the United States government. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Once a high-flying Lake Oswego . Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Aequitas also had tentacles spread throughout the RIA world. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Jesenik also must pay a civil penalty of $625,000. Gillis was the second Aequitas chief financial officer. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Defendant proceeds as named. The SECs complaint, filed on March 10, 2016, alleged that Aequitas Management and four affiliates defrauded more than 1,500 investors nationwide when that money was being used primarily to cover operating losses and to pay earlier investors in a Ponzi-like fashion, according to an April 24 SEC press release on the final judgment. 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. He pled guilty but has not yet been sentenced. (chso). It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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. Lock Sam Kauffman is MacRitchies attorney. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) The company's general counsel just quit. They are also prohibited from violating the SECs antifraud provisions. Brian received a Bachelor of Science degree from Oregon State University. Official websites use .gov Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. ORDER Defendant released on previous conditions. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC Oliver was also charged criminally for his conduct. Luminaries from the downtown business establishment wanted to join the team. All Rights Reserved. He is scheduled to be sentenced on Aug. 5. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. If you missed the last issue of InvestmentNews, you can access it here. ) or https:// means youve safely connected to the .gov website. Email USAO-OR. 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. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. A lock ( Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. The company's general counsel just quit. 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. All three are permanently barred from the securities industry. Signed on 4/19/2019 by Judge Michael W. Mosman. Email USAO-OR. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 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.