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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 . Aequitas did make legitimate investments. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. MacRitchie was the companys executive vice president and chief compliance officer. 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. 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's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. | 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. 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? Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) 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
YouTubes privacy policy is available here and YouTubes terms of service is available here. Scott Bradford is the lead prosecutor on the case. 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. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Email USAO-OR. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . ORDER Presentence Report to be prepared by U.S. As Aequitas grew, its profile in the community also increased. PORTLAND, Ore.U.S. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. 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. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. (1) 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. Once a high-flying Lake Oswego . All Rights Reserved. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. ORDER Defendant released on previous conditions. But much of that money has already been spent. A locked padlock Now both have been sucked into the criminal fraud investigation of the collapsed firm. Government summarized charges and terms of plea agreement. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. A locked padlock 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. 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. The company opened slick new offices in New York City. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. Some money from new investors was allegedly used to pay earlier investors 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. Not guilty pleas and denial of forfeiture allegation entered. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. 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. Attorneys for the District of Oregon. Another was a utility executive who helped change Portlands business landscape. Aequitas investors lost about $600 million after the collapse. The firm purchased or invested in other financial firms, many of them glorified debt collectors. | Editor (Entered: 04/19/2019) Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. In reporting on the Aequitas claim, a local publication, The Oregonian, wrote: "Aequitas never gained the local reputation for integrity and savvy that its executives longed for. Portland, Oregon 97204
As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. It was the beginning of the end for the high-flying company. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Much of the cash went to make the payments owed to other investors. 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. Gillis was the second Aequitas chief financial officer. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy.
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 In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. 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. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Sentencing materials are due no later than 7/31/2019. But prosecutors allege the Aequitas executives lied about the firms financial performance. Secure .gov websites use HTTPS Gillis was the second Aequitas chief financial officer. SEC charges advisor over Aequitas conflicts of interest. Share sensitive information only on official, secure websites. PORTLAND, Ore.U.S. They both opted not to talk. Official websites use .gov Brian A. Oliver, age 51, resides in Aurora, Oregon. Guilty pleas entered as to Counts 1 and 2 of the Information. A lock ( Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. 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 agreed to plead guilty and cooperate with the government.. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. He will be sentenced on August 5, 2019before U.S. District Court 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. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Defendant waived reading of the Information. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. A .gov website belongs to an official government organization in the United States. All rights reserved (About Us). Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . All three are permanently barred from the securities industry. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. 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. 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. II. Probation. Ledger left the company in 2005 in a highly controversial and public way. PORTLAND, Ore.U.S. 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. Attorneys for the District of Oregon. 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. Until now, Rice and MacRitchie have faced minimal legal expenses. Lock 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. 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. Reset here, 1999 - 2023 citywire.com. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. All three are permanently barred from the securities industry. Main Office:
He declined to comment. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Have a question about Government Services? (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Investors had been bilked out of hundreds of millions of dollars, the SEC said. That has changed as the criminal case nears the indictment stage. They've got that too. He was even on the board of the Arlington Club. The Government does not seek detention and Defendant is released on conditions. 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 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. 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. Secure .gov websites use HTTPS Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 2023 Advance Local Media LLC. Sam Kauffman is MacRitchies attorney. | Sign In, Verdict Corrections Marketing? By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. I have really enjoyed working with Seth, Brian and the Cathedral team. Aequitas specialized in debt. 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). 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. 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. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. 0. Defendant proceeds as named. They also have people who have helped raise money and sell businesses so they can help with that too. ) or https:// means youve safely connected to the .gov website. 2023 RIA Intel, an Institutional Investor Publication. 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. Share sensitive information only on official, secure websites. Aequitas investors filed a $350 million class-action lawsuit in April 2016, less than a month after the SEC charged Aequitas Management LLC and four affiliates, as well as three executivesCEO Robert Jesenik, executive vice president Brian Oliver, and CFO and chief operating officer N. Scott Gilliswith hiding the deteriorating financial 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. All rights reserved (About Us). Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Community Rules apply to all content you upload or otherwise submit to this site. 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! Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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.
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