brian oliver, aequitas

In addition, it said Gillis agreed to be permanently suspended from appearing and practicing before the SEC as an accountant and cannot work as an auditor for pubic companies. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. I have really enjoyed working with Seth, Brian and the Cathedral team.. 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. 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. A lock ( Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Share sensitive information only on official, secure websites. 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. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Community Rules apply to all content you upload or otherwise submit to this site. 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. | Privacy Statement. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Investors agree to $234.6M in settlements in Aequitas was - Portland Oliver was also charged criminally for his conduct. | Advertising Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 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. Gillis was the second Aequitas chief financial officer. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. If you need help with finances, they've got that covered. Court finds defendant capable and competent to enter plea. 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. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Main Office: 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. 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. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) 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. (chso). 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. Rice served as Aequitass executive vice president and president of wealth management. 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. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February All rights reserved (About Us). 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. Have a question about Government Services? He was even on the board of the Arlington Club. Brian A. Oliver, age 51, resides in Aurora, Oregon. There was the motorcycle leasing company. 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. 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. Marketing? 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. Bob Jesenik, three other former Aequitas executives - Oregonlive A .gov website belongs to an official government organization in the United States. 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. Rice acknowledged in court filings that he's a suspect in the case. He was the British honorary consul to Portland. 3 Executives of Aequitas Management LLC Charged for Fraud Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. brian oliver, aequitas 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. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Attorneys for the District of Oregon. Sam Kauffman is MacRitchies attorney. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. They hurt a whole lot of people.. Not guilty pleas and denial of forfeiture allegation entered. 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). Bob Jesenik has not been criminally charged. 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. The high-interest loans were terrible for students. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle The company's general counsel just quit. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Claim Data and Trends - EPIC Insurance Brokers & Consultants Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. One of Aequitas biggest moneymakers disappeared almost overnight. Oliver is the first former Aequitas Capital executive to be criminally charged. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. All three are permanently barred from the securities industry. It is free to register and only takes a minute or two. Investors had been bilked out of hundreds of millions of dollars, the SEC said. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. 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. 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. 1000 SW Third Ave Suite 600 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. | Sign In, Verdict Corrections That has changed as the criminal case nears the indictment stage. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Plea Petition and Plea Agreement signed and accepted by the Court. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. PDF United States of America Securities and Exchange Commission Investment Community Rules apply to all content you upload or otherwise submit to this site. 2023 Advance Local Media LLC. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. | Store Seven years ago, it was easy to believe in Aequitas. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Official websites use .gov MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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. (kms) (Entered: 04/19/2019), Home The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. A locked padlock Aequitas also had tentacles spread throughout the RIA world. PORTLAND, Ore.U.S. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Portland, Oregon 97204 Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 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. 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. They've got that too. Gillis was the second Aequitas chief financial officer. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) 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. But much of that money has already been spent. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. 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. Portland, Oregon 97204 Attorneys for the District of Oregon. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive Sentencing materials are due no later than 7/31/2019. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) As previously reported by RIA Intel, Aequitas claimed to manage $1.67 billion before it collapsed, which would likely make its downfall Oregons biggest-ever investment scandal. PORTLAND, Ore.U.S. 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. Former Aequitas Owner and Executive Vice President . They also have people who have helped raise money and sell businesses so they can help with that too. Share sensitive information only on official, secure websites. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. ) or https:// means youve safely connected to the .gov website. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 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. 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? Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. But this one was worse. Investment adviser: Aequitas lied to investors | The Seattle Times Secure .gov websites use HTTPS 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. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Brian received a Bachelor of Science degree from Oregon State University. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Realized Launches Game Changing Platform for Direct Real Estate Investment, The CFP Board Calls Out Crypto in Code of Ethics and Standards, Modern Slavery Act Transparency Statement. Aequitas Capital Management Lawsuit - Law Meg Defendant waived reading of the Information. 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. An official website of the United States government. Redmond adviser caught in Oregon firm's $600M financial collapse District of Oregon | Former Aequitas Senior Executive and Chief A lock ( It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. President, Cathedral Finance|Senior Advisor. 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. 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. But I think my clients will be thrilled. 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. Other funds went to pay their salaries. Ledger left the company in 2005 in a highly controversial and public way. All rights reserved (About Us). 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. In a divorce settlement filed with the court, it's. (See separate order.) (Entered: 04/19/2019) Defendant proceeds as named. (1) Official websites use .gov The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. An official website of the United States government. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Scott Bradford is the lead prosecutor on the case. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Secure .gov websites use HTTPS Guilty pleas entered as to Counts 1 and 2 of the Information. Defendant advised of rights. He argues he needs the money to help defray losses suffered by Aequitas investors. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Defendant sworn and examined. Signed on 4/19/2019 by Judge Michael W. Mosman. 2023 Advance Local Media LLC. As Aequitas grew, its profile in the community also increased. They also have people who have helped raise money and sell businesses so they can help with that too. Attorney Billy J. Williams announced today that Robert J. Jesenik, 61, a former chief executive officer of Aequitas Management, LLC and several other Aequitas-owned entities, has been indicted along with three other former company executives for their roles in a fraud and money laundering conspiracy. It was the beginning of the end for the high-flying company.

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