Lock Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Court finds defendant capable and competent to enter plea. Plea Petition and Plea Agreement signed and accepted by the Court. 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! Reset here, 1999 - 2023 citywire.com. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. 2 executive Brian Oliver pleaded guilty to the same charges in April. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Brian Oliver, Aequitas Capital's longtime No. From June 2014 through February 2016, Oliver and others 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. Share sensitive information only on official, secure websites. 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. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. They've got that too. 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). The Oregonian first reported the criminal charges and guilty plea. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) 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. 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. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. PORTLAND, Ore.U.S. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. There was the commercial lender. 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. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 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). Community Rules apply to all content you upload or otherwise submit to this site. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Official websites use .gov Brian has been a Senior Advisor with Cathedral Consulting since 2017. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Marketing? 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. Rice served as Aequitass executive vice president and president of wealth management. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. The company's general counsel just quit. It began to default on the interest payments owed its legion of mom and pop investors. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. All three are permanently barred from the securities industry. SEC charges advisor over Aequitas conflicts of interest. 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. But much of that money has already been spent. There was the motorcycle leasing company. 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 new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Defendant advised of rights. Former Aequitas Owner and Executive Vice President . Have a question about Government Services? 2023 InvestmentNews LLC. Email USAO-OR. But prosecutors allege the Aequitas executives lied about the firms financial performance. | Link Errors 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. Luminaries from the downtown business establishment wanted to join the team. Oliver is the first former Aequitas Capital executive to be criminally charged. MacRitchie, the former utility executive, was the picture of respectability. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. ) or https:// means youve safely connected to the .gov website. 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.. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 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. MacRitchie was the companys executive vice president and chief compliance officer. They've got that too. One of Aequitas biggest moneymakers disappeared almost overnight. They also have people who have helped raise money and sell businesses so they can help with that too. 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. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. | Recent Lawyer Listings Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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. Longtime Aequitas No. A locked padlock 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. 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. He declined to comment. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. A .gov website belongs to an official government organization in the United States. He was the British honorary consul to Portland. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Secure .gov websites use HTTPS 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. If you missed the last issue of InvestmentNews, you can access it here. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. He argues he needs the money to help defray losses suffered by Aequitas investors. The Government does not seek detention and Defendant is released on conditions. 1000 SW Third Ave Suite 600 ) or https:// means youve safely connected to the .gov website. Attorneys for the District of Oregon. 2023 Advance Local Media LLC. Defendant proceeds as named. Aequitas also had tentacles spread throughout the RIA world. 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 But it appears they are far from done. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas ORDER Defendant released on previous conditions. Some money from new investors was allegedly used to pay earlier investors But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Gillis was the second Aequitas chief financial officer. An official website of the United States government. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. (1) Another was a utility executive who helped change Portlands business landscape. 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. They also have people who have helped raise money and sell businesses so they can help with that too. The company had three policies each for $5 million of coverage. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Once a high-flying Lake Oswego . It is free to register and only takes a minute or two. 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. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. District of Oregon A locked padlock Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. | Advertising 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. Sentencing materials are due no later than 7/31/2019. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. | Privacy Statement. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. 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It was the beginning of the end for the high-flying company. | Articles 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. Share sensitive information only on official, secure websites. Probation. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 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. Marketing? He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Gillis was the second Aequitas chief financial officer. 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. Email USAO-OR. 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. 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. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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. Sam Kauffman is MacRitchies attorney. More Local News to Love Start today for 50% off Expires 3/6/23. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Please sign in or register to comment. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers.
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