Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. PORTLAND, Ore.U.S. He committed suicide in an attempt to hide . 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. But it appears they are far from done. He argues he needs the money to help defray losses suffered by Aequitas investors. An official website of the United States government. 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. Aequitas collapsed in 2016 owing about $600 million to investors. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Investors agree to $234.6M in settlements in Aequitas was - Portland 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. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Court orders Aequitas to disgorge $453 million in fraud case Waiver of indictment signed and accepted by the Court. I have really enjoyed working with Seth, Brian and the Cathedral team. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. 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. Official websites use .gov Bob Jesenik has not been criminally charged. 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. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 0. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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? PORTLAND, Ore.U.S. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Once a high-flying Lake Oswego . RIA Intel is part of Delinian. Investment adviser: Aequitas lied to investors, hid - oregonlive Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. | Store Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. | Privacy Statement. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 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. Accounting giant Deloitte, stock trader T.D. 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. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. PDF United States of America Securities and Exchange Commission Investment The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Brian Oliver - Senior Advisor & President, Cathedral Finance In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Portland, Oregon 97204 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 1000 SW Third Ave Suite 600 Aequitas investors lost about $600 million after the collapse. A locked padlock (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Attorneys in Aequitas Capital fraud case spar over Oregon regulator who In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Ledger left the company in 2005 in a highly controversial and public way. Defendant waived reading of the Information. Gillis was the second Aequitas chief financial officer. A locked padlock 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. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. II. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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. The Government does not seek detention and Defendant is released on conditions. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) 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. The company's general counsel just quit. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. After graduating from Oregon State University in 1987 with a degree in Finance and minor in Economics, Brian spent the next 10 years in commercial banking with US Bank before embarking on 20 years in the Investment Banking and Alternative Asset Management industry. (Entered: 04/19/2019) He is scheduled to be sentenced on Aug. 5. He was the British honorary consul to Portland. Some money from new investors was allegedly used to pay earlier investors Then Corinthian went bankrupt. But I think my clients will be thrilled. A lock ( B. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 2023 InvestmentNews LLC. They are also prohibited from violating the SECs antifraud provisions. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. brian oliver, aequitas Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. 2020 update: Aequitas investors recoup some money. In a separate administrative proceeding, Jesenik, Oliver, and Gillis were barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical ratings organization, the SEC said. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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.. Bob Jesenik, three other former Aequitas executives - Oregonlive He is scheduled to be. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. It was the beginning of the end for the high-flying company. 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 Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Oliver was also charged criminally for his conduct. Oliver is the first former Aequitas Capital executive to be criminally charged. 2 executive Brian Oliver pleaded guilty to the same charges in April. 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. Rice served as Aequitass executive vice president and president of wealth management. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Marketing? Gillis was the second Aequitas chief financial officer. The company opened slick new offices in New York City. Signed on 4/19/2019 by Judge Michael W. Mosman. 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. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. 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. 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. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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! The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Official websites use .gov 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. In April, Brian Oliver, Aequitas. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. PORTLAND, Ore.U.S. SEC bars Aequitas execs after $540m judgement against Oregon firm
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