SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas By late 2015, Aequitas was suffering one of its periodic cash flow crises. 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. He pled guilty but has not yet been sentenced. Oliver, former second-in-command at Aequitas, pleads guilty to fraud Bob Jesenik has not been criminally charged. Once a high-flying Lake Oswego . It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. A locked padlock MacRitchie was the companys executive vice president and chief compliance officer. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. A lock ( ORDER granting the Government's oral motion to unseal the case. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. (1) 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. Investors agree to $234.6M in settlements in Aequitas was - Portland Until now, Rice and MacRitchie have faced minimal legal expenses. The company's general counsel just quit. I have really enjoyed working with Seth, Brian and the Cathedral team. PDF United States of America Securities and Exchange Commission Investment 2023 RIA Intel, an Institutional Investor Publication. Portland, Oregon 97204 Claim Data and Trends - EPIC Insurance Brokers & Consultants 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. 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. 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. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. SEC Charges Oregon-Based Investment Group and Executives With He was even on the board of the Arlington Club. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Plea Petition and Plea Agreement signed and accepted by the Court. Secure .gov websites use HTTPS In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Aequitas did make legitimate investments. 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. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. They've got that too. Jesenik also must pay a civil penalty of $625,000. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Secure .gov websites use HTTPS 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Another was a utility executive who helped change Portlands business landscape. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. They also have people who have helped raise money and sell businesses so they can help with that too. An official website of the United States government. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL 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. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 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. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. SEC charges advisor over Aequitas conflicts of interest. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Signed on 4/19/2019 by Judge Michael W. Mosman. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. But much of that money has already been spent. 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. Aequitas Capital Management Lawsuit - Law Meg 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 (Entered: 04/19/2019) Email USAO-OR. Email USAO-OR. District of Oregon | Former Aequitas Owner and Chief Financial Officer Share sensitive information only on official, secure websites. SEC files Complaint against Aequitas Management - Fishman Haygood 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. 2 executive Brian Oliver pleaded guilty to the same charges in April. Other funds went to pay their salaries. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Accounting giant Deloitte, stock trader T.D. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. District of Oregon | Former Aequitas Senior Executive and Chief Brian has been a Senior Advisor with Cathedral Consulting since 2017. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 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. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Gillis was charged alongside former Aequitas CEO Robert J. Jesenik, 62, of West Linn, Oregon, and former Aequitas executives Brian K. Rice, 55, of Portland, and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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). Aequitas also had tentacles spread throughout the RIA world. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. ) or https:// means youve safely connected to the .gov website. After graduating from Oregon State University in 1987 with a degree in Finance and minor in Economics, Brian spent the next 10 years in commercial banking with US Bank before embarking on 20 years in the Investment Banking and Alternative Asset Management industry. 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. 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. 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. It is free to register and only takes a minute or two. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. Investment adviser: Aequitas lied to investors, hid - oregonlive A lock ( The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Defendant advised of rights. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. He committed suicide in an attempt to hide . Government summarized charges and terms of plea agreement. RIA Intel is part of Delinian. All three are permanently barred from the securities industry. 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. Brian received a Bachelor of Science degree from Oregon State University. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Attorneys for the District of Oregon. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Attorneys for the District of Oregon. 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. But it appears they are far from done. SEC Posts Notice of Covered Action Regarding Case Against Aequitas Marketing? A .gov website belongs to an official government organization in the United States. Oliver was the companys primary fundraiser and shared responsibility for the operation and management of Aequitas-affiliated companies and investment products as well as for the use of investor money. An official website of the United States government. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Now both have been sucked into the criminal fraud investigation of the collapsed firm. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Seven years ago, it was easy to believe in Aequitas. All rights reserved (About Us). Share sensitive information only on official, secure websites. Email USAO-OR. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. The Oregonian first reported the criminal charges and guilty plea. 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? Much of the cash went to make the payments owed to other investors. A .gov website belongs to an official government organization in the United States. Lock ) or https:// means youve safely connected to the .gov website. YouTubes privacy policy is available here and YouTubes terms of service is available here. 2023 Advance Local Media LLC. Attorneys in Aequitas Capital fraud case spar over Oregon regulator who The company opened slick new offices in New York City. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. 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. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting Former Aequitas Owner and Executive Vice President . Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. ORDER Defendant released on previous conditions. More Local News to Love Start today for 50% off Expires 3/6/23. 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. Attorneys for the District of Oregon. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. Oliver was also charged criminally for his conduct. It was the beginning of the end for the high-flying company. A lock ( Lock 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. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. 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. 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. 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. 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. They hurt a whole lot of people.. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Have a question about Government Services? He argues he needs the money to help defray losses suffered by Aequitas investors. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle Cookie Settings/Do Not Sell My Personal Information. 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..
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