He pled guilty but has not yet been sentenced. Rice headed Key Bank in Oregon for 12 years. 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. 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. But I think my clients will be thrilled. A lock ( 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). Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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. Waiver of indictment signed and accepted by the 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. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Then Corinthian went bankrupt. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. 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. Reset here, 1999 - 2023 citywire.com. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Main Office:
Rice acknowledged in court filings that he's a suspect in the case. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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? 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
He is scheduled to be sentenced on Aug. 5. Its been a long time coming, Kayser said. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. (Entered: 04/19/2019) Gillis was the second Aequitas chief financial officer. Attorneys for the District of Oregon. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. | Store Court finds defendant capable and competent to enter plea. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Much of the cash went to make the payments owed to other investors. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. 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 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. 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.. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. More Local News to Love Start today for 50% off Expires 3/6/23. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. In a separate proceeding, the SEC barred the three from the securities industry. The company opened slick new offices in New York City. Email USAO-OR. Until now, Rice and MacRitchie have faced minimal legal expenses. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Sentencing materials are due no later than 7/31/2019. | Advertising The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Main Office:
04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) 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. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Please sign in or register to comment. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Have a question about Government Services? 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. Aequitas did make legitimate investments. 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. Aequitas investors lost about $600 million after the collapse. 2023 Advance Local Media LLC. 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. But they made good money for Aequitas and its investors. Ledger left the company in 2005 in a highly controversial and public way. But this one was worse. | Recent Lawyer Listings The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Official websites use .gov 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. The high-interest loans were terrible for students. PORTLAND, Ore.U.S. They agreed to plead guilty and cooperate with the government.. Some money from new investors was allegedly used to pay earlier investors It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. Main Office:
2020 update: Aequitas investors recoup some money. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. He was the British honorary consul to Portland. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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. The company's general counsel just quit. 2023 RIA Intel, an Institutional Investor Publication. 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. PORTLAND, Ore.U.S. YouTubes privacy policy is available here and YouTubes terms of service is available here. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. There was no more hiding the fact that Aequitas was broke. Scott Bradford is the lead prosecutor on the case. The company had three policies each for $5 million of coverage. Another was a utility executive who helped change Portlands business landscape. Other funds went to pay their salaries. As Aequitas grew, its profile in the community also increased. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Community Rules apply to all content you upload or otherwise submit to this site. 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. 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
Email USAO-OR. 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. Gillis was the second Aequitas chief financial officer. Community Rules apply to all content you upload or otherwise submit to this site. 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. 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 Oliver, Aequitas Capital's longtime No. 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.
Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. All rights reserved (About Us). MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. He was even on the board of the Arlington Club. A locked padlock 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Share sensitive information only on official, secure websites. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. | Link Errors 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . An official website of the United States government. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. 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.. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. MacRitchie was the companys executive vice president and chief compliance officer. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Lock Plea Petition and Plea Agreement signed and accepted by the Court. 13. Brian A. Oliver, age 51, resides in Aurora, Oregon. The Oregonian first reported the criminal charges and guilty plea. Bob Jesenik has not been criminally charged. A .gov website belongs to an official government organization in the United States. Accounting giant Deloitte, stock trader T.D. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 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. 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). They also have people who have helped raise money and sell businesses so they can help with that too. Attorneys for the District of Oregon. 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. All Rights Reserved. Aequitas collapsed in 2016 owing about $600 million to investors. Lock Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. 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. 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. A locked padlock 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. An official website of the United States government. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Brian has been a Senior Advisor with Cathedral Consulting since 2017. He declined to comment. 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. Guilty pleas entered as to Counts 1 and 2 of the Information. It began to default on the interest payments owed its legion of mom and pop investors. (chso). Not guilty pleas and denial of forfeiture allegation entered. Former Aequitas Owner and Executive Vice President . Brian Oliver, Aequitas Capital's longtime No. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Aequitas also had tentacles spread throughout the RIA world. B. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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. Longtime Aequitas No. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. But much of that money has already been spent. They've got that too. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 2 executive Brian Oliver pleaded guilty to the same charges in April. Share sensitive information only on official, secure websites. 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 and his wife of 30 years live in Aurora, Oregon where they raised their family.
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