PORTLAND, Ore.U.S. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. All material subject to strictly enforced copyright laws. 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. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 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. Share sensitive information only on official, secure websites. 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. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Share sensitive information only on official, secure websites. 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 It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. (See separate order.) Defendant advised of rights. Official websites use .gov He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. But I think my clients will be thrilled. 3 Executives of Aequitas Management LLC Charged for Fraud Portland, Oregon 97204 On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. 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. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. SEC files Complaint against Aequitas Management - Fishman Haygood 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. The company's general counsel just quit. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. 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. (kms) (Entered: 04/19/2019), Home The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Bob Jesenik, three other former Aequitas executives - Oregonlive 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. 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. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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. ) or https:// means youve safely connected to the .gov website. 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. ORDER Defendant released on previous conditions. Janke becomes second Aequitas executive to plead guilty; could get Aequitas specialized in debt. There are also questions about whether Jesenik and other defendants spent the money appropriately. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Oliver was also charged criminally for his conduct. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . 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. Share sensitive information only on official, secure websites. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Rice acknowledged in court filings that he's a suspect in the case. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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. PORTLAND, Ore.U.S. 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. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas (chso). | Articles Court finds guilty pleas to be knowing and voluntary. Guilty pleas entered as to Counts 1 and 2 of the Information. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. (1) PDF United States of America Securities and Exchange Commission Investment Once a high-flying Lake Oswego . 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. A lock ( Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Learn more about reprints and licensing for this article. District of Oregon | Former Aequitas Owner and Chief Financial Officer Aequitas Capital Management Lawsuit - Law Meg 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. 13. Attorneys for the District of Oregon. If you need help with finances, they've got that covered. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 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. Sam Kauffman is MacRitchies attorney. YouTubes privacy policy is available here and YouTubes terms of service is available here. 2023 Advance Local Media LLC. President, Cathedral Finance|Senior Advisor. | Link Errors 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. Former Aequitas executives and co-conspirators Brian A. Oliver and Olaf Janke previously pleaded guilty to conspiring to commit mail and wire fraud and money laundering on April 19, 2019, and June 10, 2019, respectively. All rights reserved (About Us). SEC Charges Oregon-Based Investment Group and Executives With The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 2023 Advance Local Media LLC. 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. 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. 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. Defendant waived reading of the Information. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive 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). 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. It is free to register and only takes a minute or two. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Have a question about Government Services? | Advertising Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. An official website of the United States government. 2023 RIA Intel, an Institutional Investor Publication. | Sign In, Verdict Corrections (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Sentencing for No. 2 Aequitas executive Brian Oliver moved to February His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Aequitas did make legitimate investments. Both Rice and MacRitchie were high-profile Portland executives before joining 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. 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. II. 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. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive Investors had been bilked out of hundreds of millions of dollars, the SEC said. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. A lock ( Attorneys for the District of Oregon. A locked padlock 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 By late 2015, Aequitas was suffering one of its periodic cash flow crises. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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. (Entered: 04/19/2019) ORDER granting the Government's oral motion to unseal the case. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Court orders Aequitas to disgorge $453 million in fraud case 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. 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. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. They've got that too. 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. B. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. There was no more hiding the fact that Aequitas was broke. But they made good money for Aequitas and its investors. An official website of the United States government. All three are permanently barred from the securities industry. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) That has changed as the criminal case nears the indictment stage. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. I have really enjoyed working with Seth, Brian and the Cathedral team. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 2023 InvestmentNews LLC. Aequitas also had tentacles spread throughout the RIA world. 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? Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. One of Aequitas biggest moneymakers disappeared almost overnight. They are also prohibited from violating the SECs antifraud provisions. They agreed to plead guilty and cooperate with the government. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Brian Oliver, Aequitas Capital's longtime No. Gillis was the second Aequitas chief financial officer. It began to default on the interest payments owed its legion of mom and pop investors. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Portland, Oregon 97204 Community Rules apply to all content you upload or otherwise submit to this site. Another was a utility executive who helped change Portlands business landscape. 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. 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. It was the beginning of the end for the high-flying company. A Salem, Oregon man pleaded guilty today for using Twitter to threaten violence against employees of Robinhood Markets, Inc., an online financial services company based in Menlo Park, California. 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. 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. 2 executive Brian Oliver pleaded guilty to the same charges in April. 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. Then Corinthian went bankrupt. There was the commercial lender. Aequitas collapsed in 2016 owing about $600 million to investors. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Much of the cash went to make the payments owed to other investors. 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. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Now both have been sucked into the criminal fraud investigation of the collapsed firm. 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, former second-in-command at Aequitas, pleads guilty to fraud PORTLAND, Ore.U.S. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Former Aequitas Owner and Executive Vice President . Investment adviser: Aequitas lied to investors | The Seattle Times He was even on the board of the Arlington Club. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Sentencing materials are due no later than 7/31/2019. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Gillis was the second Aequitas chief financial officer. Main Office: He declined to comment. 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. 1000 SW Third Ave Suite 600 Bob Jesenik has not been criminally charged. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. In a separate proceeding, the SEC barred the three from the securities industry. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. A locked padlock Reset here, 1999 - 2023 citywire.com. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Not guilty pleas and denial of forfeiture allegation entered. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. If the sentencing materials are not received on time or the Court is not advised that none will be filed, the sentencing may be rescheduled. If you purchase a product or register for an account through one of the links on our site, we may receive compensation.

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