Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. He was the British honorary consul to Portland. There was the commercial lender. (1) His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Portland, Oregon 97204 As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. 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! President, Cathedral Finance|Senior Advisor. A .gov website belongs to an official government organization in the United States. 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. | Link Errors Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. 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Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. PORTLAND, Ore.U.S. Aequitas specialized in debt. Lock Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. He argues he needs the money to help defray losses suffered by Aequitas investors. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. District of Oregon It began to default on the interest payments owed its legion of mom and pop investors. 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.. Gillis was the second Aequitas chief financial officer. 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. 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. He committed suicide in an attempt to hide . 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 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? 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. Official websites use .gov Plea Petition and Plea Agreement signed and accepted by the Court. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, 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. They agreed to plead guilty and cooperate with the government.. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Oliver is the first former Aequitas Capital executive to be criminally charged. Oliver was also charged criminally for his conduct. 2 executive Brian Oliver pleaded guilty to the same charges in April. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Email USAO-OR. They've got that too. The firm purchased or invested in other financial firms, many of them glorified debt collectors. 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. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 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. 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. All material subject to strictly enforced copyright laws. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. An official website of the United States government. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. I have really enjoyed working with Seth, Brian and the Cathedral team.. 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. Rice headed Key Bank in Oregon for 12 years. They are also prohibited from violating the SECs antifraud provisions. 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. Its been a long time coming, Kayser said. Defendant advised of rights. 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? Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. (Entered: 04/19/2019) 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. 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. But I think my clients will be thrilled. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Aequitas did make legitimate investments. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Seven years ago, it was easy to believe in Aequitas. Another was a utility executive who helped change Portlands business landscape. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . MacRitchie was the companys executive vice president and chief compliance officer. 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. 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. Rice served as Aequitass executive vice president and president of wealth management. 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 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. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. 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. 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. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Have a question about Government Services? 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 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). 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. The Government does not seek detention and Defendant is released on conditions. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . | Editor 2023 Advance Local Media LLC. Government summarized charges and terms of plea agreement. Brian Oliver, Aequitas Capital's longtime No. A .gov website belongs to an official government organization in the United States. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Former Aequitas Owner and Executive Vice President . ORDER Presentence Report to be prepared by U.S. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. Email USAO-OR. Get started today before this once in a lifetime opportunity expires. Sam Kauffman is MacRitchies attorney. Have a question about Government Services? All rights reserved (About Us). Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. A lock ( If you missed the last issue of InvestmentNews, you can access it here. 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. Probation. If you need help with finances, they've got that covered. 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). 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 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. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. RIA Intel is part of Delinian. Learn more about reprints and licensing for this article. 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. 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. One of Aequitas biggest moneymakers disappeared almost overnight. A lock ( Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Jesenik also must pay a civil penalty of $625,000. An official website of the United States government. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. | Recent Lawyer Listings He was even on the board of the Arlington Club. 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. B. PORTLAND, Ore.U.S. Brian received a Bachelor of Science degree from Oregon State University. The company had three policies each for $5 million of coverage. 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. | Privacy Statement. All rights reserved (About Us). It is free to register and only takes a minute or two. 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. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Share sensitive information only on official, secure websites. Other funds went to pay their salaries. Official websites use .gov But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. 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. If convicted on all charges, each of the defendants could face decades in prison and millions of dollars in fines and restitution, as well as five years supervised release following their prison terms. Then Corinthian went bankrupt. In a separate proceeding, the SEC barred the three from the securities industry. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 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. 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. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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. The company's general counsel just quit. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. An official website of the United States government. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Aequitas also had tentacles spread throughout the RIA world. 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. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 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. Defendant waived reading of the Information. They also have people who have helped raise money and sell businesses so they can help with that too. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Cookie Settings/Do Not Sell My Personal Information. 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. 2023 InvestmentNews LLC. But it appears they are far from done. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. But this one was worse. 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.
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