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. Email USAO-OR. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. 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. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 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 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. Then Corinthian went bankrupt. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. He is scheduled to be. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) They've got that too. 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? Rice served as Aequitass executive vice president and president of wealth management. Another was a utility executive who helped change Portlands business landscape. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. 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. 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PORTLAND, Ore.U.S. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. I have really enjoyed working with Seth, Brian and the Cathedral team.. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. II. He argues he needs the money to help defray losses suffered by Aequitas investors. Defendant sworn and examined. 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. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING 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. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. But this one was worse. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Gillis was the second Aequitas chief financial officer. He committed suicide in an attempt to hide . (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Oliver was also charged criminally for his conduct. 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. There was the commercial lender. Marketing? If you need help with finances, they've got that covered. (1) | Recent Lawyer Listings Until now, Rice and MacRitchie have faced minimal legal expenses. More Local News to Love Start today for 50% off Expires 3/6/23. Its been a long time coming, Kayser said. 0. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Brian A. Oliver, age 51, resides in Aurora, Oregon. Oliver and his co-conspirators also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. PORTLAND, Ore.U.S. Some money from new investors was allegedly used to pay earlier investors Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 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. All three are permanently barred from the securities industry. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Longtime Aequitas No. 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. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Reset here, 1999 - 2023 citywire.com. 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. Scott Bradford is the lead prosecutor on the case. | Sign In, Verdict Corrections ) or https:// means youve safely connected to the .gov website. 13. Brian Oliver, Aequitas Capital's longtime No. 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. Once a high-flying Lake Oswego . In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Brian Oliver, Aequitas Capital's longtime No. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 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 Defendant waived reading of the Information. Court finds defendant capable and competent to enter plea. Get started today before this once in a lifetime opportunity expires. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. But prosecutors allege the Aequitas executives lied about the firms financial performance. It began to default on the interest payments owed its legion of mom and pop investors. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. ORDER granting the Government's oral motion to unseal the case. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. A locked padlock There was the motorcycle leasing company. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. He was even on the board of the Arlington Club. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. Not guilty pleas and denial of forfeiture allegation entered. 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 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. 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 Brian has been a Senior Advisor with Cathedral Consulting since 2017. Much of the cash went to make the payments owed to other investors. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) 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. 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? Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Probation. He pled guilty but has not yet been sentenced. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. It was the beginning of the end for the high-flying company. ) or https:// means youve safely connected to the .gov website. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Share sensitive information only on official, secure websites. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Marketing? 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). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. (Entered: 04/19/2019) Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. They agreed to plead guilty and cooperate with the government. 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. 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. All three are permanently barred from the securities industry. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. If you need help with finances, they've got that covered. ORDER Defendant released on previous conditions. The high-interest loans were terrible for students. He declined to comment. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Share sensitive information only on official, secure websites. A .gov website belongs to an official government organization in the United States. A .gov website belongs to an official government organization in the United States. Aequitas investors lost about $600 million after the collapse. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Exec VP & Pres:Financial Svcs, Aequitas Capital Mgmt Inc. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Main Office: Learn more about reprints and licensing for this article. 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. There are also questions about whether Jesenik and other defendants spent the money appropriately. 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. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. 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. An official website of the United States government. 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. Official websites use .gov Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. By late 2015, Aequitas was suffering one of its periodic cash flow crises. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. If you missed the last issue of InvestmentNews, you can access it here. Secure .gov websites use HTTPS brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Email USAO-OR. 1000 SW Third Ave Suite 600 Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Sam Kauffman is MacRitchies attorney.

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