Some money from new investors was allegedly used to pay earlier investors Brian has been a Senior Advisor with Cathedral Consulting since 2017. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). One of Aequitas biggest moneymakers disappeared almost overnight. Brian A. Oliver, age 51, resides in Aurora, Oregon. 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 2 executive Brian Oliver pleaded guilty to the same charges in April. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Former Aequitas Owner and Executive Vice President . A lock ( 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. Learn more about reprints and licensing for this article. Attorneys for the District of Oregon. Scott Bradford is the lead prosecutor on the case. All rights reserved (About Us). The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. | Advertising 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. SEC charges advisor over Aequitas conflicts of interest. Official websites use .gov The firm purchased or invested in other financial firms, many of them glorified debt collectors. PORTLAND, Ore.U.S. 2023 InvestmentNews LLC. (kms) (Entered: 04/19/2019), Home (chso). 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 Then Corinthian went bankrupt. (1) Cookie Settings/Do Not Sell My Personal Information. 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. PORTLAND, Ore.U.S. Community Rules apply to all content you upload or otherwise submit to this site. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. He is scheduled to be. 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. 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. They've got that too. There was the commercial lender. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Main Office: But this one was worse. Gillis was the second Aequitas chief financial officer. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. It began to default on the interest payments owed its legion of mom and pop investors. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 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. 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. 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 material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Share sensitive information only on official, secure websites. All Rights Reserved. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. | Recent Lawyer Listings District of Oregon | Link Errors Marketing? 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. Luminaries from the downtown business establishment wanted to join the team. Oliver is the first former Aequitas Capital executive to be criminally charged. All three are permanently barred from the securities industry. Government summarized charges and terms of plea agreement. 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. The Oregonian first reported the criminal charges and guilty plea. 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. They both opted not to talk. Aequitas investors lost about $600 million after the collapse. Guilty pleas entered as to Counts 1 and 2 of the Information. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Gillis was the second Aequitas chief financial officer. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. 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. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 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. 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. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Accounting giant Deloitte, stock trader T.D. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. In April, Brian Oliver, Aequitas. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . 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. Lock (Entered: 04/19/2019) Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. 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. Aequitas also had tentacles spread throughout the RIA world. Defendant advised of rights. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. 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. 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. They also have people who have helped raise money and sell businesses so they can help with that too. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 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). Share sensitive information only on official, secure websites. Share sensitive information only on official, secure websites. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas | Articles A .gov website belongs to an official government organization in the United States. 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. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. If you missed the last issue of InvestmentNews, you can access it here. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. 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.. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. PORTLAND, Ore.U.S. Probation. Defendant proceeds as named. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. All material subject to strictly enforced copyright laws. 2023 RIA Intel, an Institutional Investor Publication. 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Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Other funds went to pay their salaries. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Portland, Oregon 97204 Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. An official website of the United States government. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) A lock ( Email USAO-OR. 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 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. 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. The company's general counsel just quit. Plea Petition and Plea Agreement signed and accepted by the Court. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. ) or https:// means youve safely connected to the .gov website. [More: Aequitas meltdown underscores the importance of due diligence, caution]. It is believed that since he was ousted from Aequitas, Jesenik has been. | Editor 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. But I think my clients will be thrilled. ) or https:// means youve safely connected to the .gov website. 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. 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. Court finds guilty pleas to be knowing and voluntary. 2023 Advance Local Media LLC. Ledger left the company in 2005 in a highly controversial and public way. 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. All rights reserved (About Us). Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. That has changed as the criminal case nears the indictment stage. 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. But much of that money has already been spent. They agreed to plead guilty and cooperate with the government.. II. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Court: United States District Court for the District of Oregon (Multnomah County), Plaintiff's Attorney: Scott E. Bradford and Ryan W. Bounds, Defendant's Attorney: Kendra M. Matthews and Whitney Patrick Boise, 18:1341 and 18:1343 CONSPIRACY TO COMMIT MAIL AND WIRE FRAUD An official website of the United States government. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. 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.. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 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 locked padlock Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. If you need help with finances, they've got that covered. 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. Official websites use .gov According to court documents, Oliver, 54, of Aurora, Oregon, and unnamed co-conspirators used the Lake Oswego, Oregon, based 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Oliver was the companys primary fundraiser and shared responsibility for the operation and management of Aequitas-affiliated companies and investment products as well as for the use of investor money. 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 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. 0. A .gov website belongs to an official government organization in the United States. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. All three are permanently barred from the securities industry. Marketing? Defendant waived reading of the Information. 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. 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? Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. He committed suicide in an attempt to hide . 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. They agreed to plead guilty and cooperate with the government. But prosecutors allege the Aequitas executives lied about the firms financial performance. If you need help with finances, they've got that covered. Email USAO-OR. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. He pled guilty but has not yet been sentenced. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. He declined to comment. They are also prohibited from violating the SECs antifraud provisions. The company's general counsel just quit. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. More Local News to Love Start today for 50% off Expires 3/6/23. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. He was even on the board of the Arlington Club. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. 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.
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