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. 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. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Brian has been a Senior Advisor with Cathedral Consulting since 2017. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. More Local News to Love Start today for 50% off Expires 3/6/23. (Entered: 04/19/2019) No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Main Office:
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. 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 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. He is scheduled to be sentenced on Aug. 5. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. Longtime Aequitas No. President, Cathedral Finance|Senior Advisor. The Oregonian first reported the criminal charges and guilty plea. Jesenik also must pay a civil penalty of $625,000. Aequitas did make legitimate investments. 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.. They've got that too. Government summarized charges and terms of plea agreement. Brian Oliver, Aequitas Capital's longtime No. Attorneys for the District of Oregon. Please sign in or register to comment. Have a question about Government Services? ORDER granting the Government's oral motion to unseal the case. 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. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Court finds defendant capable and competent to enter plea. Marketing? Luminaries from the downtown business establishment wanted to join the team. I have really enjoyed working with Seth, Brian and the Cathedral team. But it appears they are far from done. A locked padlock 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. An official website of the United States government. There was no more hiding the fact that Aequitas was broke. 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. 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
Official websites use .gov The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. 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. Bob Jesenik has not been criminally charged. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. MacRitchie was the companys executive vice president and chief compliance officer. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. 2023 Advance Local Media LLC. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Accounting giant Deloitte, stock trader T.D. Once a high-flying Lake Oswego . 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. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 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. 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. All Rights Reserved. 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. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. By early January 2016, Aequitass general counsel advised Gillis and other executives that the company would soon default on payments due to Private Note investors, causing an event of default on Aequitass loan agreement with Wells Fargo. Marketing? Prosecutors claim the Aequitas executives misled company investors about how their money was being used. 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. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. 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. Until now, Rice and MacRitchie have faced minimal legal expenses. 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. They also have people who have helped raise money and sell businesses so they can help with that too. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. 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. 2023 RIA Intel, an Institutional Investor Publication. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Brian Oliver, Aequitas Capital's longtime No. Share sensitive information only on official, secure websites. ORDER Defendant released on previous conditions. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Portland, Oregon 97204
Investors had been bilked out of hundreds of millions of dollars, the SEC said. One of Aequitas biggest moneymakers disappeared almost overnight. 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 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.. | Link Errors Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. They hurt a whole lot of people.. Have a question about Government Services? He pled guilty but has not yet been sentenced. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 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. Former Aequitas Owner and Executive Vice President . Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. (See separate order.) Guilty pleas entered as to Counts 1 and 2 of the Information. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Aequitas also had tentacles spread throughout the RIA world. 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. Aequitas investors lost about $600 million after the collapse. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Court finds guilty pleas to be knowing and voluntary. 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 default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. But prosecutors allege the Aequitas executives lied about the firms financial performance. At a hearing in U.S. District Court on Monday, Janke confirmed that as part of his plea agreement, he would oppose any sentence of less than three years. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. If you missed the last issue of InvestmentNews, you can access it here. Cookie Settings/Do Not Sell My Personal Information. Gillis was the second Aequitas chief financial officer. B. Lock They agreed to plead guilty and cooperate with the government.. Defendant proceeds as named. 2023 Advance Local Media LLC. 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. 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. 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. Brian A. Oliver, age 51, resides in Aurora, Oregon. It began to default on the interest payments owed its legion of mom and pop investors. Have a question about Government Services? It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Defendant waived reading of the Information. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Scott Bradford is the lead prosecutor on the case. Attorneys for the District of Oregon. Get started today before this once in a lifetime opportunity expires. He declined to comment. A lock ( 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. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. PORTLAND, Ore.U.S. 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. 1000 SW Third Ave Suite 600
As U.S. Judge Magistrate Paul Papak noted in an October 2017 ruling, at that point 61 percent of the defense cost payments went to Jeseniks lawyers. Much of the cash went to make the payments owed to other investors. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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. 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
Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Rice acknowledged in court filings that he's a suspect in the case. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Main Office:
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 . They agreed to plead guilty and cooperate with the government. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov..
It is believed that since he was ousted from Aequitas, Jesenik has been. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. 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. 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. 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. Rice headed Key Bank in Oregon for 12 years. As previously reported by RIA Intel, Aequitas claimed to manage $1.67 billion before it collapsed, which would likely make its downfall Oregons biggest-ever investment scandal. But they made good money for Aequitas and its investors. 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. 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. Official websites use .gov 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. 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. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. There was the motorcycle leasing company. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) They are also prohibited from violating the SECs antifraud provisions.
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