SEC charges advisor over Aequitas conflicts of interest. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Official websites use .gov 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. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. A lock ( 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. 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. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Marketing? Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Court finds defendant capable and competent to enter plea. 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. 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. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. A .gov website belongs to an official government organization in the United States. ) or https:// means youve safely connected to the .gov website. Collectively, the defendants also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use of investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. 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. Have a question about Government Services? District of Oregon Until now, Rice and MacRitchie have faced minimal legal expenses. | Link Errors Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Portland, Oregon 97204 Defendant advised of rights. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. A locked padlock Aequitas collapsed in 2016 owing about $600 million to investors. Not guilty pleas and denial of forfeiture allegation entered. Have a question about Government Services? Brian Oliver, Aequitas Capital's longtime No. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. He pled guilty but has not yet been sentenced. Mike Esler, another attorney for Aequitas investors, credited federal prosecutors for sticking with an extremely complex case all the way to the indictment of Aequitas leader Jesenik. | Sign In, Verdict Corrections 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.. 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. One of Aequitas biggest moneymakers disappeared almost overnight. PORTLAND, Ore.U.S. In a divorce settlement filed with the court, it's. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. An official website of the United States government. 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. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . MacRitchie, the former utility executive, was the picture of respectability. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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 and his wife of 30 years live in Aurora, Oregon where they raised their family. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. He argues he needs the money to help defray losses suffered by Aequitas investors. If you need help with finances, they've got that covered. The Oregonian first reported the criminal charges and guilty plea. ORDER granting the Government's oral motion to unseal the case. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. An official website of the United States government. | Privacy Statement. Jesenik, a former resident of West Linn, Oregon, is charged in a 32-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. 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. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Get started today before this once in a lifetime opportunity expires. They agreed to plead guilty and cooperate with the government. 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. 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. 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. 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As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Guilty pleas entered as to Counts 1 and 2 of the Information. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. If you missed the last issue of InvestmentNews, you can access it here. PORTLAND, Ore.U.S. Another was a utility executive who helped change Portlands business landscape. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. They also have people who have helped raise money and sell businesses so they can help with that too. Defendant waived reading of the Information. 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. If you need help with finances, they've got that covered. 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. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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 All Rights Reserved. Oliver is the first former Aequitas Capital executive to be criminally charged. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) 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. Learn more about reprints and licensing for this article. 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. 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). 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. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. 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. They also have people who have helped raise money and sell businesses so they can help with that too. 2023 InvestmentNews LLC. 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. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 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. 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. The company opened slick new offices in New York City. 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. (chso). The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Secure .gov websites use HTTPS A .gov website belongs to an official government organization in the United States. In a separate proceeding, the SEC barred the three from the securities industry. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. A lock ( 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. 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. Government summarized charges and terms of plea agreement. Brian A. Oliver, age 51, resides in Aurora, Oregon. He is scheduled to be. Aequitas also had tentacles spread throughout the RIA world. A lock ( Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. All rights reserved (About Us). The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Some money from new investors was allegedly used to pay earlier investors 0. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. 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. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. All three are permanently barred from the securities industry. 1000 SW Third Ave Suite 600 Probation. The company's general counsel just quit. Defendant advised of rights. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. PORTLAND, Ore.U.S. Gillis was the second Aequitas chief financial officer. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. They hurt a whole lot of people.. B. There was no more hiding the fact that Aequitas was broke. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . 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. There are also questions about whether Jesenik and other defendants spent the money appropriately. 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. (Entered: 04/19/2019) Other funds went to pay their salaries. Share sensitive information only on official, secure websites. 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. ORDER Presentence Report to be prepared by U.S. MacRitchie was the companys executive vice president and chief compliance officer. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Portland, Oregon 97204 Sentencing materials are due no later than 7/31/2019. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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. In addition, it said Gillis agreed to be permanently suspended from appearing and practicing before the SEC as an accountant and cannot work as an auditor for pubic companies. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 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 has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. A locked padlock But much of that money has already been spent. Lock Aequitas investors lost about $600 million after the collapse. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. The company's general counsel just quit. 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. 2023 Advance Local Media LLC. But this one was worse. Scott Bradford is the lead prosecutor on the case. Accounting giant Deloitte, stock trader T.D. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. They've got that too. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. I have really enjoyed working with Seth, Brian and the Cathedral team.. Bob Jesenik has not been criminally charged. It is free to register and only takes a minute or two. It is believed that since he was ousted from Aequitas, Jesenik has been. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Email USAO-OR. 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.. Seven years ago, it was easy to believe in Aequitas. 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. ) or https:// means youve safely connected to the .gov website. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 2020 update: Aequitas investors recoup some money. There was the motorcycle leasing company. Portland, Oregon 97204 | Articles In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. | Editor Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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. All rights reserved (About Us). ORDER Defendant released on previous conditions. In April, Brian Oliver, Aequitas. 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. But it appears they are far from done. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Email USAO-OR. 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. More Local News to Love Start today for 50% off Expires 3/6/23. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. As Aequitas grew, its profile in the community also increased. 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. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Rice acknowledged in court filings that he's a suspect in the case. Brian has been a Senior Advisor with Cathedral Consulting since 2017. Investors had been bilked out of hundreds of millions of dollars, the SEC said. Defendant sworn and examined. They are also prohibited from violating the SECs antifraud provisions. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. 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 . Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. 2023 RIA Intel, an Institutional Investor Publication.
brian oliver, aequitas
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