Ledger left the company in 2005 in a highly controversial and public way. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. 2023 Advance Local Media LLC. 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 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. Brian Oliver, Aequitas Capital's longtime No. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. They hurt a whole lot of people.. 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? (1) 1000 SW Third Ave Suite 600 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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. They also have people who have helped raise money and sell businesses so they can help with that too. Cookie Settings/Do Not Sell My Personal Information. Until now, Rice and MacRitchie have faced minimal legal expenses. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. | Editor Learn more about reprints and licensing for this article. Luminaries from the downtown business establishment wanted to join the team. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Share sensitive information only on official, secure websites. Another was a utility executive who helped change Portlands business landscape. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Jesenik also must pay a civil penalty of $625,000. There are also questions about whether Jesenik and other defendants spent the money appropriately. All three are permanently barred from the securities industry. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. | Link Errors Attorneys for the District of Oregon. It is free to register and only takes a minute or two. Other funds went to pay their salaries. The firm purchased or invested in other financial firms, many of them glorified debt collectors. 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. 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. ) or https:// means youve safely connected to the .gov website. 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. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. In a divorce settlement filed with the court, it's. 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. 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. Main Office: YouTubes privacy policy is available here and YouTubes terms of service is available here. Share sensitive information only on official, secure websites. 2023 InvestmentNews LLC. Defendant sworn and examined. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. A locked padlock More Local News to Love Start today for 50% off Expires 3/6/23. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. A locked padlock Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 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. 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 . Defendant waived reading of the Information. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Aequitas investors lost about $600 million after the collapse. Court finds defendant capable and competent to enter plea. Former Aequitas Owner and Executive Vice President . 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. The Oregonian first reported the criminal charges and guilty plea. The high-interest loans were terrible for students. Lock Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. 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. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 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 Longtime Aequitas No. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Waiver of indictment signed and accepted by the Court. 1000 SW Third Ave Suite 600 He was the British honorary consul to Portland. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Accounting giant Deloitte, stock trader T.D. They agreed to plead guilty and cooperate with the government.. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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. Get started today before this once in a lifetime opportunity expires. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . 0. 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. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. The SECs complaint alleged that Jesenik and Oliver were aware of Aequitass calamitous financial condition yet continued to solicit millions of dollars from investors to pay the firms ever-increasing expenses and attempt to stave off the impending collapse of the business. It added that Gillis allegedly concealed the firms insolvency from investors and was aware that Jesenik and Oliver continued soliciting investors so that Aequitas could pay operating expenses and repay earlier investors with money from new investors.. SEC charges advisor over Aequitas conflicts of interest. Marketing? Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. PORTLAND, Ore.U.S. I have really enjoyed working with Seth, Brian and the Cathedral team. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 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. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. The Government does not seek detention and Defendant is released on conditions. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. District of Oregon 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 company's general counsel just quit. Once a high-flying Lake Oswego . 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. The SECs complaint, filed on March 10, 2016, alleged that Aequitas Management and four affiliates defrauded more than 1,500 investors nationwide when that money was being used primarily to cover operating losses and to pay earlier investors in a Ponzi-like fashion, according to an April 24 SEC press release on the final judgment. Signed on 4/19/2019 by Judge Michael W. Mosman. Some money from new investors was allegedly used to pay earlier investors | Articles 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING The company had three policies each for $5 million of coverage. An official website of the United States government. They agreed to plead guilty and cooperate with the government. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 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.. Oliver is the first former Aequitas Capital executive to be criminally charged. All material subject to strictly enforced copyright laws. 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. The Oregon firm thought it had hit the motherlode when it got into the college debt business. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. 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. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. | Advertising He is scheduled to be. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Brian received a Bachelor of Science degree from Oregon State University. One of Aequitas biggest moneymakers disappeared almost overnight. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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. 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. But prosecutors allege the Aequitas executives lied about the firms financial performance. PORTLAND, Ore.U.S. 2 executive Brian Oliver pleaded guilty to the same charges in April. 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. That has changed as the criminal case nears the indictment stage. Have a question about Government Services? Aequitas collapsed in 2016 owing about $600 million to investors. He is scheduled to be sentenced on Aug. 5. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Have a question about Government Services? A .gov website belongs to an official government organization in the United States. II. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. If you need help with finances, they've got that covered. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. They've got that too. 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. 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. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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! Rice headed Key Bank in Oregon for 12 years. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. He committed suicide in an attempt to hide . Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 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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. 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. 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. 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. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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. PORTLAND, Ore.U.S. The company's general counsel just quit. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Defendant advised of rights. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. 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. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Scott Bradford is the lead prosecutor on the case. 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. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas B. 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Sam Kauffman is MacRitchies attorney. | Recent Lawyer Listings 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. 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. A .gov website belongs to an official government organization in the United States. Attorneys for the District of Oregon. 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. 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). Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 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 believed that since he was ousted from Aequitas, Jesenik has been. All rights reserved (About Us). But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. They are also prohibited from violating the SECs antifraud provisions. Lock Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. 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. Seven years ago, it was easy to believe in Aequitas. 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. 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 Bob Jesenik has not been criminally charged. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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). On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Marketing? 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. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Aequitas also had tentacles spread throughout the RIA world. 2023 RIA Intel, an Institutional Investor Publication. A locked padlock It was the beginning of the end for the high-flying company. Guilty pleas entered as to Counts 1 and 2 of the Information. Brian has been a Senior Advisor with Cathedral Consulting since 2017. 2023 Advance Local Media LLC. Main Office: But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Portland, Oregon 97204 There was the motorcycle leasing company. Defendant proceeds as named. (kms) (Entered: 04/19/2019), Home 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. 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). 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. 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. 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. Main Office: Aequitas specialized in debt. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska.