Luminaries from the downtown business establishment wanted to join the team. II. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Its been a long time coming, Kayser said. 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. Portland, Oregon 97204 Brian Oliver, Aequitas Capital's longtime No. Government summarized charges and terms of plea agreement. All three are permanently barred from the securities industry. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. A .gov website belongs to an official government organization in the United States. 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. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Rice headed Key Bank in Oregon for 12 years. 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 Official websites use .gov I have really enjoyed working with Seth, Brian and the Cathedral team.. 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. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. ) or https:// means youve safely connected to the .gov website. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Seven years ago, it was easy to believe in Aequitas. Marketing? Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. PORTLAND, Ore.U.S. There are also questions about whether Jesenik and other defendants spent the money appropriately. In April, Brian Oliver, Aequitas. 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. (Entered: 04/19/2019) Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. 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. 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U.S. Attorney's Office, District of Oregon, Criminal conspiracy could have cost investors more than $600 million, Former Aequitas Owner and Executive Vice President Pleads Guilty in Fraud and Money Laundering Conspiracy, Salem Man Pleads Guilty for Using Twitter to Threaten Violence Against Robinhood Employees, FBI and Partners Issue National Public Safety Alert on Financial Sextortion Schemes, Armed Robbery Crew Posing as DEA Agents Charged in Federal Court, Former Aequitas Owner and Executive Vice President Pleads Guilty In Fraud and Money Laundering Conspiracy. The company opened slick new offices in New York City. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. It is free to register and only takes a minute or two. 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 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. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. They hurt a whole lot of people.. 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. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas In a separate proceeding, the SEC barred the three from the securities industry. 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. Gillis was the second Aequitas chief financial officer. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. 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 . RIA Intel is part of Delinian. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. All rights reserved (About Us). Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Portland, Oregon 97204 All material subject to strictly enforced copyright laws. By the time Corinthian filed for bankruptcy and students went on strike refusing to pay their loans some 75% of the receivables of the Aequitas notes came from the for-profit scam, according to RIA Intels first story on Aequitas. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Email USAO-OR. 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. Main Office: Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Official websites use .gov 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. Have a question about Government Services? In a divorce settlement filed with the court, it's. 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.. Rice served as Aequitass executive vice president and president of wealth management. A lock ( 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. | Advertising As Aequitas grew, its profile in the community also increased. 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 began to default on the interest payments owed its legion of mom and pop investors. 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. 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. But it appears they are far from done. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Scott Bradford is the lead prosecutor on the case. 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. Brian received a Bachelor of Science degree from Oregon State University. That has changed as the criminal case nears the indictment stage. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. 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 recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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! Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. Gillis was the second Aequitas chief financial officer. Aequitas did make legitimate investments. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. He was even on the board of the Arlington Club. They both opted not to talk. Marketing? Defendant advised of rights. There was the motorcycle leasing company. One of Aequitas biggest moneymakers disappeared almost overnight. A lock ( ORDER Presentence Report to be prepared by U.S. 2023 Advance Local Media LLC. President, Cathedral Finance|Senior Advisor. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Until now, Rice and MacRitchie have faced minimal legal expenses. 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. It is believed that since he was ousted from Aequitas, Jesenik has been working for a company founded by his son: KCR Advisors LLC, based in Viero Beach, Fla. An earlier indictment against Gillis will be dismissed. Attorneys for the District of Oregon. 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. 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. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. | Privacy Statement. Defendant waived reading of the Information. 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. 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. 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. Share sensitive information only on official, secure websites. 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. 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. Investors had been bilked out of hundreds of millions of dollars, the SEC said. ) 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. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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. Aequitas collapsed in 2016 owing about $600 million to investors. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. | Articles PORTLAND, Ore.U.S. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 1000 SW Third Ave Suite 600 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. ) or https:// means youve safely connected to the .gov website. All three are permanently barred from the securities industry. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site.
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