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The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Attorneys for the District of Oregon. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 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. He was the British honorary consul to Portland. All Rights Reserved. Its been a long time coming, Kayser said. It began to default on the interest payments owed its legion of mom and pop investors. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. In April, Brian Oliver, Aequitas. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . 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. By late 2015, Aequitas was suffering one of its periodic cash flow crises. More Local News to Love Start today for 50% off Expires 3/6/23. But I think my clients will be thrilled. He is scheduled to be. 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. They've got that too. He is scheduled to be sentenced on Aug. 5. | Sign In, Verdict Corrections 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. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 1000 SW Third Ave Suite 600 On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. But they made good money for Aequitas and its investors. Attorneys for the District of Oregon. Defendant advised of rights. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Gillis was the second Aequitas chief financial officer. Email USAO-OR. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. District of Oregon View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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. II. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. 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. In a divorce settlement filed with the court, it's. 1000 SW Third Ave Suite 600 Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. The company's general counsel just quit. Seven years ago, it was easy to believe in Aequitas. A locked padlock Probation. All material subject to strictly enforced copyright laws. There was the commercial lender. PORTLAND, Ore.U.S. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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 material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. 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. They both opted not to talk. (Entered: 04/19/2019) All rights reserved (About Us). ) or https:// means youve safely connected to the .gov website. Guilty pleas entered as to Counts 1 and 2 of the Information. Brian has been a Senior Advisor with Cathedral Consulting since 2017. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. If you need help with finances, they've got that covered. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. The company opened slick new offices in New York City. A locked padlock They also have people who have helped raise money and sell businesses so they can help with that too. Defendant advised of rights. 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. | Store Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . All rights reserved (About Us). Secure .gov websites use HTTPS Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Official websites use .gov Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Sentencing materials are due no later than 7/31/2019. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. 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. A lock ( Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Marketing? 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. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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? 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). There was no more hiding the fact that Aequitas was broke. 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. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 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. Court: United States District Court for the District of Oregon (Multnomah County), Plaintiff's Attorney: Scott E. Bradford and Ryan W. Bounds, Defendant's Attorney: Kendra M. Matthews and Whitney Patrick Boise, 18:1341 and 18:1343 CONSPIRACY TO COMMIT MAIL AND WIRE FRAUD Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. If you missed the last issue of InvestmentNews, you can access it here. Cookie Settings/Do Not Sell My Personal Information. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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! A lock ( PORTLAND, Ore.U.S. They've got that too. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. 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. He argues he needs the money to help defray losses suffered by Aequitas investors. That has changed as the criminal case nears the indictment stage. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) All three are permanently barred from the securities industry. 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. He declined to comment. ) or https:// means youve safely connected to the .gov website. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. PORTLAND, Ore.U.S. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Waiver of indictment signed and accepted by the Court. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Then Corinthian went bankrupt. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. (See separate order.) Aequitas specialized in debt. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Accounting giant Deloitte, stock trader T.D. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Secure .gov websites use HTTPS 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. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Defendant waived reading of the Information. ORDER Presentence Report to be prepared by U.S. Luminaries from the downtown business establishment wanted to join the team. 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. (1) He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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Longtime Aequitas No. 2023 RIA Intel, an Institutional Investor Publication. 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. If you need help with finances, they've got that covered. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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. 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. Court finds guilty pleas to be knowing and voluntary. 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. Have a question about Government Services? Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Rice headed Key Bank in Oregon for 12 years. Have a question about Government Services? MacRitchie, the former utility executive, was the picture of respectability. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. The high-interest loans were terrible for students. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. The default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. Not guilty pleas and denial of forfeiture allegation entered. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Aequitas did make legitimate investments. 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. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. 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. 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. 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. 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. 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. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Community Rules apply to all content you upload or otherwise submit to this site. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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). An official website of the United States government. Until now, Rice and MacRitchie have faced minimal legal expenses. He will be sentenced on August 5, 2019before U.S. District Court 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. Please sign in or register to comment. Community Rules apply to all content you upload or otherwise submit to this site. Main Office: By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 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. All three are permanently barred from the securities industry. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Defendant proceeds as named. They are also prohibited from violating the SECs antifraud provisions. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. 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. 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. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 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. He pled guilty but has not yet been sentenced. Portland, Oregon 97204 This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Bob Jesenik has not been criminally charged. | Recent Lawyer Listings A .gov website belongs to an official government organization in the United States. (chso). 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. SEC charges advisor over Aequitas conflicts of interest. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. He committed suicide in an attempt to hide . Another was a utility executive who helped change Portlands business landscape. He was even on the board of the Arlington Club. A lock ( 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. | Link Errors The company had three policies each for $5 million of coverage. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. I have really enjoyed working with Seth, Brian and the Cathedral team.. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 2023 Advance Local Media LLC. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. 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. 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. Plea Petition and Plea Agreement signed and accepted by the Court. | Articles 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. PORTLAND, Ore.U.S. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 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. 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. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. They hurt a whole lot of people.. 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 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. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. 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. Aequitas investors lost about $600 million after the collapse. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023.