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Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Defendant advised of rights. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. 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). Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. As Aequitas grew, its profile in the community also increased. An official website of the United States government. There was the motorcycle leasing company. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Until now, Rice and MacRitchie have faced minimal legal expenses. 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. 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. 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. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. MacRitchie was the companys executive vice president and chief compliance officer. The company opened slick new offices in New York City. 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. 1000 SW Third Ave Suite 600 On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Email USAO-OR. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 2 executive Brian Oliver pleaded guilty to the same charges in April. Investment adviser: Aequitas lied to investors, hid - oregonlive District of Oregon | Former Aequitas Owner and Chief Financial Officer 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. Email USAO-OR. Brian Oliver, Aequitas Capital's longtime No. It is believed that since he was ousted from Aequitas, Jesenik has been. He committed suicide in an attempt to hide . Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross monetary gains or losses resulting from his crimes, and three years supervised release. (1) Brian Oliver - Technical Specialist - BCX | ZoomInfo (Tape #FTR-9B) (gw) (Entered: 04/19/2019) SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas 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. They also have people who have helped raise money and sell businesses so they can help with that too. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Scott Bradford is the lead prosecutor on the case. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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.. 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. There was the commercial lender. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Oliver, former second-in-command at Aequitas, pleads guilty to fraud A locked padlock brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. PORTLAND, Ore.U.S. 0. There are also questions about whether Jesenik and other defendants spent the money appropriately. PORTLAND, Ore.U.S. 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. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. | Recent Lawyer Listings 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. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. PDF United States of America Securities and Exchange Commission Investment It was the beginning of the end for the high-flying company. 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. Official websites use .gov It is free to register and only takes a minute or two. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 1000 SW Third Ave Suite 600 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. Lock An official website of the United States government. 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. 13. All material subject to strictly enforced copyright laws. 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. All three are permanently barred from the securities industry. 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. Aequitas specialized in debt. 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. 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! Its been a long time coming, Kayser said. Community Rules apply to all content you upload or otherwise submit to this site. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Defendant waived reading of the Information. SEC Posts Notice of Covered Action Regarding Case Against Aequitas But much of that money has already been spent. Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Former Aequitas CEO testifies in divorce trial Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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. Have a question about Government Services? Other funds went to pay their salaries. 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. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Rice served as Aequitass executive vice president and president of wealth management. SEC bars Aequitas execs after $540m judgement against Oregon firm An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. 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 Some money from new investors was allegedly used to pay earlier investors The company's general counsel just quit. Learn more about reprints and licensing for this article. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit Not guilty pleas and denial of forfeiture allegation entered. Ledger left the company in 2005 in a highly controversial and public way. 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. A lock ( Portland, Oregon 97204 Defendant advised of rights. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges 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. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. 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. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. They are also prohibited from violating the SECs antifraud provisions. Attorneys for the District of Oregon. 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). If you missed the last issue of InvestmentNews, you can access it here. brian oliver, aequitas 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. All rights reserved (About Us). But it appears they are far from done. 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. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. They also have people who have helped raise money and sell businesses so they can help with that too. All three are permanently barred from the securities industry. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 2023 RIA Intel, an Institutional Investor Publication. Government summarized charges and terms of plea agreement. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. That has changed as the criminal case nears the indictment stage. Jesenik will have to pay $1.57 million in disgorgement, interest and penalties, while Oliver will pay $235,928 in disgorgement and interest, and Gillis will pay a $300,000 civil penalty. A .gov website belongs to an official government organization in the United States. 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.. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. Gillis was the second Aequitas chief financial officer. The company had three policies each for $5 million of coverage. 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. The Government does not seek detention and Defendant is released on conditions. 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. 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. The court also required Robert J. Jesenik, the firms former CEO, and Brian A. Oliver, its former executive vice president, to pay $940,806 and $235,928, respectively, in disgorgement and interest. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. MacRitchie, the former utility executive, was the picture of respectability. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. Lock 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. If you need help with finances, they've got that covered. 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. 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. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Please sign in or register to comment. RIA Intel is part of Delinian. By late 2015, Aequitas was suffering one of its periodic cash flow crises. All rights reserved (About Us). Sentencing materials are due no later than 7/31/2019. 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. Investors agree to $234.6M in settlements in Aequitas was - Portland PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Janke becomes second Aequitas executive to plead guilty; could get This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. (kms) (Entered: 04/19/2019), Home The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. ) or https:// means youve safely connected to the .gov website. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. 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? The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. SEC Charges Oregon-Based Investment Group and Executives With The company's general counsel just quit. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Court finds defendant capable and competent to enter plea. Aequitas did make legitimate investments. In April, Brian Oliver, Aequitas. Court orders Aequitas to disgorge $453 million in fraud case | Privacy Statement. | Advertising 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. (See separate order.) But they made good money for Aequitas and its investors. 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.