The Oregonian first reported the criminal charges and guilty plea. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. PORTLAND, Ore.U.S. 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. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. A lock ( An official website of the United States government. They hurt a whole lot of people.. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Gillis was the second Aequitas chief financial officer. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Signed on 4/19/2019 by Judge Michael W. Mosman. 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. 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. 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. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. District of Oregon 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. Former Aequitas Owner and Executive Vice President . He pled guilty but has not yet been sentenced. There are also questions about whether Jesenik and other defendants spent the money appropriately. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. | Store The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. Brian Oliver, Aequitas Capital's longtime No. If you need help with finances, they've got that covered. He committed suicide in an attempt to hide . 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. In April, Brian Oliver, Aequitas. He is scheduled to be. Aequitas did make legitimate investments. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. A locked padlock But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 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. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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). It began to default on the interest payments owed its legion of mom and pop investors. (Entered: 04/19/2019) One of Aequitas biggest moneymakers disappeared almost overnight. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. SEC charges advisor over Aequitas conflicts of interest. All Rights Reserved. Defendant waived reading of the Information. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. ) or https:// means youve safely connected to the .gov website. All rights reserved (About Us). PORTLAND, Ore.U.S. The company's general counsel just quit. (See separate order.) 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. Worse, regulators from the U.S. Consumer Financial Protection Bureau and the state Department of Justice began taking a hard look at the colleges agreement with Aequitas. 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 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). Attorneys for the District of Oregon. 2023 InvestmentNews LLC. 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 native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. Rice served as Aequitass executive vice president and president of wealth management. 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. From June 2014 through February 2016, Oliver and others 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 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. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. PORTLAND, Ore.U.S. 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. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. 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. 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. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Brian A. Oliver, age 51, resides in Aurora, Oregon. (chso). 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! Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. Portland, Oregon 97204 President, Cathedral Finance|Senior Advisor. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Defendant sworn and examined. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. There was no more hiding the fact that Aequitas was broke. Please sign in or register to comment. Get started today before this once in a lifetime opportunity expires. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Lock Share sensitive information only on official, secure websites. Main Office: Lock Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. But they made good money for Aequitas and its investors. (1) 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. The company had three policies each for $5 million of coverage. Some money from new investors was allegedly used to pay earlier investors Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Aequitas collapsed in 2016 owing about $600 million to investors. RIA Intel is part of Delinian. All rights reserved (About Us). Brian has been a Senior Advisor with Cathedral Consulting since 2017. A locked padlock It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. B. They agreed to plead guilty and cooperate with the government.. 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. There was the motorcycle leasing company. 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. Have a question about Government Services? 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Official websites use .gov Until now, Rice and MacRitchie have faced minimal legal expenses. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 1000 SW Third Ave Suite 600 2023 RIA Intel, an Institutional Investor Publication. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. 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. He was the British honorary consul to Portland. The firm purchased or invested in other financial firms, many of them glorified debt collectors. The SEC alleges that CEO Robert J. Jesenik and executive vice president Brian A. Oliver were well aware of the firm's dire financial status but continued to solicit hundreds of millions of dollars in investments to stave off the firm's complete collapse. But much of that money has already been spent. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. They've got that too. Secure .gov websites use HTTPS 0. They also have people who have helped raise money and sell businesses so they can help with that too. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. They both opted not to talk. | Articles A .gov website belongs to an official government organization in the United States. 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. They also have people who have helped raise money and sell businesses so they can help with that too. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Brian Oliver, Aequitas Capital's longtime No. Luminaries from the downtown business establishment wanted to join the team. | Sign In, Verdict Corrections ORDER Presentence Report to be prepared by U.S. Share sensitive information only on official, secure websites. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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. Reset here, 1999 - 2023 citywire.com. The company opened slick new offices in New York City. The high-interest loans were terrible for students. Investors had been bilked out of hundreds of millions of dollars, the SEC said. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. 2023 Advance Local Media LLC. 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. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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. 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.. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Community Rules apply to all content you upload or otherwise submit to this site. 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.

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