ORDER granting the Government's oral motion to unseal the case. Rice served as Aequitass executive vice president and president of wealth management. 2023 RIA Intel, an Institutional Investor Publication. Jesenik also must pay a civil penalty of $625,000. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. 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. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Email USAO-OR. Gillis was the second Aequitas chief financial officer. Main Office:
It is free to register and only takes a minute or two. There was no more hiding the fact that Aequitas was broke. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. The firm purchased or invested in other financial firms, many of them glorified debt collectors. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. He pled guilty but has not yet been sentenced. (See separate order.) 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? In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions.
Email USAO-OR. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . More Local News to Love Start today for 50% off Expires 3/6/23. There was the motorcycle leasing company. All three are permanently barred from the securities industry. 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. 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). Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. A lock ( 2023 InvestmentNews LLC. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. President, Cathedral Finance|Senior Advisor. 1000 SW Third Ave Suite 600
Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 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. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Aequitas also had tentacles spread throughout the RIA world. Some money from new investors was allegedly used to pay earlier investors
Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). 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. 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. 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. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Attorneys for the District of Oregon. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. B. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Official websites use .gov 13. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Then Corinthian went bankrupt. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Have a question about Government Services? Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. 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, 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. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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. All rights reserved (About Us). Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Lock He was even on the board of the Arlington Club. 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. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. ) or https:// means youve safely connected to the .gov website. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Share sensitive information only on official, secure websites. 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. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 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). Court finds defendant capable and competent to enter plea. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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. | Link Errors This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. PORTLAND, Ore.U.S. An official website of the United States government. Community Rules apply to all content you upload or otherwise submit to this site. All Rights Reserved. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. 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. Marketing? 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. Secure .gov websites use HTTPS | Store 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.. Aequitas did make legitimate investments. 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. PORTLAND, Ore.U.S. Please sign in or register to comment. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. He argues he needs the money to help defray losses suffered by Aequitas investors. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Once a high-flying Lake Oswego . Oliver was also charged criminally for his conduct. He was the British honorary consul to Portland. More Local News to Love Start today for 50% off Expires 3/6/23. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 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. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Signed on 4/19/2019 by Judge Michael W. Mosman. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Have a question about Government Services? The company's general counsel just quit. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. The high-interest loans were terrible for students. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. They also have people who have helped raise money and sell businesses so they can help with that too. Seven years ago, it was easy to believe in Aequitas. 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. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. The company had three policies each for $5 million of coverage. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 1000 SW Third Ave Suite 600