brian oliver, aequitas

If you missed the last issue of InvestmentNews, you can access it here. Not guilty pleas and denial of forfeiture allegation entered. 0. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. (chso). But prosecutors allege the Aequitas executives lied about the firms financial performance. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. (kms) (Entered: 04/19/2019), Home Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 1000 SW Third Ave Suite 600 More Local News to Love Start today for 50% off Expires 3/6/23. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Secure .gov websites use HTTPS He argues he needs the money to help defray losses suffered by Aequitas investors. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. 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. A lock ( 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Sentencing materials are due no later than 7/31/2019. Guilty pleas entered as to Counts 1 and 2 of the Information. | Advertising (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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? Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. They also have people who have helped raise money and sell businesses so they can help with that too. 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.. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Get started today before this once in a lifetime opportunity expires. 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 They both opted not to talk. Email USAO-OR. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Portland, Oregon 97204 Aequitas collapsed in 2016 owing about $600 million to investors. A lock ( The company's general counsel just quit. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Scott Bradford is the lead prosecutor on the case. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Aequitas did make legitimate investments. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Probation. 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. PORTLAND, Ore.U.S. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Longtime Aequitas No. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. 2023 Advance Local Media LLC. 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. Court finds guilty pleas to be knowing and voluntary. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. 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. A .gov website belongs to an official government organization in the United States. 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). Waiver of indictment signed and accepted by the Court. 2023 RIA Intel, an Institutional Investor Publication. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. But it appears they are far from done. 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. Reset here, 1999 - 2023 citywire.com. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. But I think my clients will be thrilled. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. 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. Rice headed Key Bank in Oregon for 12 years. An official website of the United States government. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. | Articles The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Another was a utility executive who helped change Portlands business landscape. Luminaries from the downtown business establishment wanted to join the team. 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 Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Marketing? There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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. 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. All three are permanently barred from the securities industry. The firm purchased or invested in other financial firms, many of them glorified debt collectors. A locked padlock 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. They agreed to plead guilty and cooperate with the government. 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. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. That has changed as the criminal case nears the indictment stage. 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. 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. They hurt a whole lot of people.. Plea Petition and Plea Agreement signed and accepted by the Court. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Attorneys for the District of Oregon. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Email USAO-OR. It is believed that since he was ousted from Aequitas, Jesenik has been. They are also prohibited from violating the SECs antifraud provisions. An official website of the United States government. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. More Local News to Love Start today for 50% off Expires 3/6/23. I have really enjoyed working with Seth, Brian and the Cathedral team.. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. There was the commercial lender. PORTLAND, Ore.U.S. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. 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. 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. Much of the cash went to make the payments owed to other investors. II. 2 executive Brian Oliver pleaded guilty to the same charges in April. 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. 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 Secure .gov websites use HTTPS Defendant advised of rights. But they made good money for Aequitas and its investors. Have a question about Government Services? The Oregon firm thought it had hit the motherlode when it got into the college debt business. It began to default on the interest payments owed its legion of mom and pop investors. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. 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. It is free to register and only takes a minute or two. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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. 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 Bob Jesenik has not been criminally charged. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Rice served as Aequitass executive vice president and president of wealth management. Defendant sworn and examined. 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. ) or https:// means youve safely connected to the .gov website. 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. He was even on the board of the Arlington Club. Community Rules apply to all content you upload or otherwise submit to this site.

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