This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Gillis was the second Aequitas chief financial officer. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Have a question about Government Services? 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. If you need help with finances, they've got that covered. Jesenik also must pay a civil penalty of $625,000. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. (chso). The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. 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. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. 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. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. There was no more hiding the fact that Aequitas was broke. 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. More Local News to Love Start today for 50% off Expires 3/6/23. Another was a utility executive who helped change Portlands business landscape. He declined to comment. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. YouTubes privacy policy is available here and YouTubes terms of service is available here. Aequitas did make legitimate investments. A .gov website belongs to an official government organization in the United States. Main Office: Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Sam Kauffman is MacRitchies attorney. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. 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. There was the commercial lender. 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 Until now, Rice and MacRitchie have faced minimal legal expenses. 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. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. But this one was worse. Seven years ago, it was easy to believe in Aequitas. 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. In a divorce settlement filed with the court, it's. 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. 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? District of Oregon The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Some money from new investors was allegedly used to pay earlier investors Defendant sworn and examined. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. | Privacy Statement. A .gov website belongs to an official government organization in the United States. 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 0. An official website of the United States government. Attorneys for the District of Oregon. 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. (Entered: 04/19/2019) If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. 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. As Aequitas grew, its profile in the community also increased. He committed suicide in an attempt to hide . A lock ( Brian A. Oliver, age 51, resides in Aurora, Oregon. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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). Guilty pleas entered as to Counts 1 and 2 of the Information. Probation. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. They also have people who have helped raise money and sell businesses so they can help with that too. The Oregon firm thought it had hit the motherlode when it got into the college debt business. In a separate proceeding, the SEC barred the three from the securities industry. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. 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. Have a question about Government Services? Brian has been a Senior Advisor with Cathedral Consulting since 2017. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. They've got that too. Brian Oliver, Aequitas Capital's longtime No. 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. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. 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 began to default on the interest payments owed its legion of mom and pop investors. 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. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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. 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. Please sign in or register to comment. PORTLAND, Ore.U.S. 1000 SW Third Ave Suite 600 It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Government summarized charges and terms of plea agreement. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Rice served as Aequitass executive vice president and president of wealth management. Secure .gov websites use HTTPS | Articles Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Share sensitive information only on official, secure websites. PORTLAND, Ore.U.S. They hurt a whole lot of people.. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. There was the motorcycle leasing company. 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. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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. If you need help with finances, they've got that covered. Email USAO-OR. But much of that money has already been spent. Then Corinthian went bankrupt. It is believed that since he was ousted from Aequitas, Jesenik has been. | Store It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. 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. (1) Share sensitive information only on official, secure websites. An official website of the United States government. Main Office: Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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. According to a Complaint filed on March 10, 2016 in Oregon federal district court, the SEC has brought claims against Aequitas Management, LLC (CRD# 143780/SEC# 801-68039) and three Aequitas executives, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis for defrauding investors and for a breach of fiduciary duties. President, Cathedral Finance|Senior Advisor. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Much of the cash went to make the payments owed to other investors. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. ) or https:// means youve safely connected to the .gov website. 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. Former Aequitas Owner and Executive Vice President . If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Other funds went to pay their salaries. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. All three are permanently barred from the securities industry. 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. The company's general counsel just quit. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Portland, Oregon 97204 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 . John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Attorneys for the District of Oregon. Gillis was the second Aequitas chief financial officer. 2023 RIA Intel, an Institutional Investor Publication. All rights reserved (About Us). Lock Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Official websites use .gov His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. ORDER Presentence Report to be prepared by U.S. Community Rules apply to all content you upload or otherwise submit to this site. 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment.
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