They've got that too. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. He was the British honorary consul to Portland. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Attorneys for the District of Oregon. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. | Store It began to default on the interest payments owed its legion of mom and pop investors. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. He is scheduled to be. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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). (kms) (Entered: 04/19/2019), Home 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. Community Rules apply to all content you upload or otherwise submit to this site. Main Office: There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) In reporting on the Aequitas claim, a local publication, The Oregonian, wrote: "Aequitas never gained the local reputation for integrity and savvy that its executives longed for. Please sign in or register to comment. 2 executive Brian Oliver pleaded guilty to the same charges in April. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. On March 10, 2016, the Securities and Exchange Commission (" SEC ") filed a complaint in this Court against the Entity Defendants 1 and three individual defendants, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis. 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. Attorneys for the District of Oregon. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. One of Aequitas biggest moneymakers disappeared almost overnight. Redmond adviser caught in Oregon firm's $600M financial collapse Get started today before this once in a lifetime opportunity expires. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. He was even on the board of the Arlington Club. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 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. 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. But they made good money for Aequitas and its investors. (1) His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Oliver, former second-in-command at Aequitas, pleads guilty to fraud A locked padlock 2023 InvestmentNews LLC. 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? All rights reserved (About Us). Sentencing materials are due no later than 7/31/2019. Lock 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. A .gov website belongs to an official government organization in the United States. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February An official website of the United States government. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Have a question about Government Services? Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. They've got that too. In a separate proceeding, the SEC barred the three from the securities industry. In what could be the largest settlement of a securities lawsuit in Oregon history, settlements of at least $234.6 million have been secured for some 1,600 investors in a class action against third. Brian A. Oliver, age 51, resides in Aurora, Oregon. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. As Aequitas grew, its profile in the community also increased. Once a high-flying Lake Oswego . Former Aequitas CEO testifies in divorce trial II. Brian Oliver - Senior Advisor & President, Cathedral Finance | Sign In, Verdict Corrections All three are permanently barred from the securities industry. 2023 RIA Intel, an Institutional Investor Publication. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. | Privacy Statement. 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. Bob Jesenik, three other former Aequitas executives - Oregonlive Aequitas specialized in debt. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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.. 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 SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle This is a company that talked a woman into investing nearly her entire retirement nest-egg -- about half-a-million dollars - in October 2015, Kayser said. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. A locked padlock This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Government summarized charges and terms of plea agreement. Secure .gov websites use HTTPS 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 Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. SEC files Complaint against Aequitas Management - Fishman Haygood 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. 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! Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Oliver was also charged criminally for his conduct. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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. Email USAO-OR. The Oregonian first reported the criminal charges and guilty plea. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 3 Executives of Aequitas Management LLC Charged for Fraud Re: United States of America v. Brian A. Oliver - MoreLaw It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. 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. Plea Petition and Plea Agreement signed and accepted by the Court. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Lock All rights reserved (About Us). But I think my clients will be thrilled. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Guilty pleas entered as to Counts 1 and 2 of the Information. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Prosecutors' wide net: Prominent Portland executives sucked into (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) They agreed to plead guilty and cooperate with the government.. 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. 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. They both opted not to talk. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Former Aequitas Owner and Executive Vice President . Luminaries from the downtown business establishment wanted to join the team. (Entered: 04/19/2019) The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 1000 SW Third Ave Suite 600 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. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Cookie Settings/Do Not Sell My Personal Information. President, Cathedral Finance|Senior Advisor. It is free to register and only takes a minute or two. (See separate order.) A locked padlock 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 Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Accounting giant Deloitte, stock trader T.D. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Now both have been sucked into the criminal fraud investigation of the collapsed firm. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. All material subject to strictly enforced copyright laws. B. 2020 update: Aequitas investors recoup some money. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. But prosecutors allege the Aequitas executives lied about the firms financial performance. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. 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 lock ( Reset here, 1999 - 2023 citywire.com. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. They are also prohibited from violating the SECs antifraud provisions. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. 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. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit 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. Court finds guilty pleas to be knowing and voluntary. Much of the cash went to make the payments owed to other investors. Other funds went to pay their salaries. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Portland, Oregon 97204 Court finds defendant capable and competent to enter plea. 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 2023 Advance Local Media LLC. Brian Oliver, Aequitas Capital's longtime No. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. 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? Marketing? Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . There was no more hiding the fact that Aequitas was broke. In April, Brian Oliver, Aequitas. MacRitchie was the companys executive vice president and chief compliance officer. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. A .gov website belongs to an official government organization in the United States. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. District of Oregon | Former Aequitas Senior Executive and Chief SEC charges advisor over Aequitas conflicts of interest. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Defendant sworn and examined. Investors had been bilked out of hundreds of millions of dollars, the SEC said. If you missed the last issue of InvestmentNews, you can access it here. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Janke becomes second Aequitas executive to plead guilty; could get The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Probation. Another was a utility executive who helped change Portlands business landscape. 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. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Investment adviser: Aequitas lied to investors | The Seattle Times MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Have a question about Government Services? They hurt a whole lot of people.. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. That has changed as the criminal case nears the indictment stage. 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. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. At a hearing in U.S. District Court on Monday, Janke confirmed that as part of his plea agreement, he would oppose any sentence of less than three years. 2023 Advance Local Media LLC. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Email USAO-OR. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas 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. SEC Posts Notice of Covered Action Regarding Case Against Aequitas 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. The company opened slick new offices in New York City. 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. 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 . Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. He pled guilty but has not yet been sentenced. | Recent Lawyer Listings Investment adviser: Aequitas lied to investors, hid - oregonlive Defendant advised of rights. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. He argues he needs the money to help defray losses suffered by Aequitas investors. PORTLAND, Ore.U.S. District of Oregon | Former Aequitas Owner and Executive Vice President PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL Share sensitive information only on official, secure websites. 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. The company had three policies each for $5 million of coverage. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Community Rules apply to all content you upload or otherwise submit to this site. Rice acknowledged in court filings that he's a suspect in the case. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. A lock ( Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive Aequitas did make legitimate investments. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Sam Kauffman is MacRitchies attorney. 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. They also have people who have helped raise money and sell businesses so they can help with that too. Gillis was the second Aequitas chief financial officer. All Rights Reserved. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Defendant waived reading of the Information. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Have a question about Government Services? PDF United States of America Securities and Exchange Commission Investment 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. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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. If you need help with finances, they've got that covered. Official websites use .gov The court also required Robert J. Jesenik, the firms former CEO, and Brian A. Oliver, its former executive vice president, to pay $940,806 and $235,928, respectively, in disgorgement and interest. SEC Charges Oregon-Based Investment Group and Executives With

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