The company's general counsel just quit. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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. 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. Jesenik also must pay a civil penalty of $625,000. 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. Sentencing materials are due no later than 7/31/2019. An official website of the United States government. Brian Oliver, Aequitas Capital's longtime No. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. 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. Secure .gov websites use HTTPS 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 A locked padlock | Sign In, Verdict Corrections SEC Posts Notice of Covered Action Regarding Case Against Aequitas 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. 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. The agency on Wednesday barred Aequitas partial owner and chief executive Robert Jesenik, 60, partial owner and executive vice president Brian Oliver, 55, and former chief financial officer N. Scott Gillis, 66, from the securities industry for their roles in a scheme that bilked hundreds of millions from investors. Redmond adviser caught in Oregon firm's $600M financial collapse Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. 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. He is scheduled to be sentenced on Aug. 5. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Rice headed Key Bank in Oregon for 12 years. 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. 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. Email USAO-OR. An official website of the United States government. SEC Charges Oregon-Based Investment Group and Executives With They agreed to plead guilty and cooperate with the government. Share sensitive information only on official, secure websites. All Rights Reserved. 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. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. They also have people who have helped raise money and sell businesses so they can help with that too. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. | Privacy Statement. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Lock ) or https:// means youve safely connected to the .gov website. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Former Aequitas Owner and Executive Vice President . Investors agree to $234.6M in settlements in Aequitas was - Portland There are also questions about whether Jesenik and other defendants spent the money appropriately. 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. The company's general counsel just quit. 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. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Marketing? brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas 0. Cookie Settings/Do Not Sell My Personal Information. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Much of the cash went to make the payments owed to other investors. President, Cathedral Finance|Senior Advisor. 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. Signed on 4/19/2019 by Judge Michael W. Mosman. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) District of Oregon | Former Aequitas Owner and 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. But they made good money for Aequitas and its investors. A lock ( 1000 SW Third Ave Suite 600 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. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Sam Kauffman is MacRitchies attorney. 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. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Brian 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. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. But I think my clients will be thrilled. Court finds defendant capable and competent to enter plea. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. YouTubes privacy policy is available here and YouTubes terms of service is available here. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). 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. They also have people who have helped raise money and sell businesses so they can help with that too. 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. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. There was the motorcycle leasing company. Aequitas did make legitimate investments. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. I have really enjoyed working with Seth, Brian and the Cathedral team. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. A locked padlock 13. 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. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Defendant advised of rights. Official websites use .gov 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. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Portland, Oregon 97204 District of Oregon | Former Aequitas Owner and Executive Vice President 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? Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. ) or https:// means youve safely connected to the .gov website. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. 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. If you need help with finances, they've got that covered. Defendant advised of rights. 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. Learn more about reprints and licensing for this article. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. But it appears they are far from done. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. (Entered: 04/19/2019) 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. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. 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 There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. But prosecutors allege the Aequitas executives lied about the firms financial performance. He declined to comment. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Government summarized charges and terms of plea agreement. They both opted not to talk. 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. 2023 Advance Local Media LLC. Gillis was the second Aequitas chief financial officer. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Bob Jesenik has not been criminally charged. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Portland, Oregon 97204 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. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. ) or https:// means youve safely connected to the .gov website. Prosecutors' wide net: Prominent Portland executives sucked into It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. | Articles He is scheduled to be. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Aequitas collapsed in 2016 owing about $600 million to investors. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Oliver, former second-in-command at Aequitas, pleads guilty to fraud Rice served as Aequitass executive vice president and president of wealth management. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive Brian Oliver - Technical Specialist - BCX | ZoomInfo 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. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle
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