Jesenik also must pay a civil penalty of $625,000. Brian A. Oliver, age 51, resides in Aurora, Oregon. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. | Link Errors Defendant advised of rights. They hurt a whole lot of people.. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Once a high-flying Lake Oswego . Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. 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. 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. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 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. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Its been a long time coming, Kayser said. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. It is free to register and only takes a minute or two. Portland, Oregon 97204 Subsequent reports detailed Aequitas default on its debt, the resulting panic among investors, the secret conflicts, and the firms strange cultural mashup -- part Wall Street investment bank, part frat party, part Bible class. They've got that too. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Aequitas did make legitimate investments. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. 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. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. Main Office: Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 2023 Advance Local Media LLC. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Brian Oliver, Aequitas Capital's longtime No. He is scheduled to be. 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. 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. 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. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. The Government does not seek detention and Defendant is released on conditions. Secure .gov websites use HTTPS Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Some money from new investors was allegedly used to pay earlier investors The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. PORTLAND, Ore.U.S. 2023 RIA Intel, an Institutional Investor Publication. 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, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. Plea Petition and Plea Agreement signed and accepted by the Court. 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. They also have people who have helped raise money and sell businesses so they can help with that too. 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 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. Guilty pleas entered as to Counts 1 and 2 of the Information. 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. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. A lock ( A locked padlock All three are permanently barred from the securities industry. 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. If you need help with finances, they've got that covered. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Reset here, 1999 - 2023 citywire.com. Luminaries from the downtown business establishment wanted to join the team. 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. Get started today before this once in a lifetime opportunity expires. Then Corinthian went bankrupt. He argues he needs the money to help defray losses suffered by Aequitas investors. Accounting giant Deloitte, stock trader T.D. 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. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. 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. The company opened slick new offices in New York City. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. That has changed as the criminal case nears the indictment stage. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. But it appears they are far from done. Much of the cash went to make the payments owed to other investors. Portland, Oregon 97204 Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. An official website of the United States government. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. All rights reserved (About Us). Share sensitive information only on official, secure websites. Email USAO-OR. 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? 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. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Another was a utility executive who helped change Portlands business landscape. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. A locked padlock It was the beginning of the end for the high-flying company. 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. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. There was the motorcycle leasing company. Rice served as Aequitass executive vice president and president of wealth management. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . 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. Main Office: Cookie Settings/Do Not Sell My Personal Information. A lock ( Portland, Oregon 97204 Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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. They both opted not to talk. They agreed to plead guilty and cooperate with the government. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. If you missed the last issue of InvestmentNews, you can access it here. 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 .gov website belongs to an official government organization in the United States. 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. In a separate proceeding, the SEC barred the three from the securities industry. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Share sensitive information only on official, secure websites. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Scott Bradford is the lead prosecutor on the case. 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.. | Editor 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. | Advertising An official website of the United States government. They've got that too. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Cookie Settings/Do Not Sell My Personal Information. 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. 1000 SW Third Ave Suite 600 Have a question about Government Services? B. All material subject to strictly enforced copyright laws. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Government summarized charges and terms of plea agreement. It is believed that since he was ousted from Aequitas, Jesenik has been. A .gov website belongs to an official government organization in the United States. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Defendant waived reading of the Information. In a divorce settlement filed with the court, it's. Other funds went to pay their salaries. 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. Defendant proceeds as named. Have a question about Government Services? Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. An official website of the United States government. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 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). Defendant sworn and examined. Bob Jesenik has not been criminally charged. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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. Aequitas collapsed in 2016 owing about $600 million to investors. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Community Rules apply to all content you upload or otherwise submit to this site. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 0. 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. Marketing? Court finds guilty pleas to be knowing and voluntary. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. They also have people who have helped raise money and sell businesses so they can help with that too. President, Cathedral Finance|Senior Advisor. Lock Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. 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). All Rights Reserved. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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. PORTLAND, Ore.U.S. Official websites use .gov There was no more hiding the fact that Aequitas was broke. Former Aequitas Owner and Executive Vice President . Not guilty pleas and denial of forfeiture allegation entered. Main Office: The company had three policies each for $5 million of coverage. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. RIA Intel is part of Delinian. There was the commercial lender. Email USAO-OR. The company's general counsel just quit. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. A lock ( Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks.
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