(2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Have a question about Government Services? If you missed the last issue of InvestmentNews, you can access it here. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. The firm purchased or invested in other financial firms, many of them glorified debt collectors. 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. Luminaries from the downtown business establishment wanted to join the team. 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. 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. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses.
PORTLAND, Ore.U.S. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. They both opted not to talk. Seven years ago, it was easy to believe in Aequitas. 2023 InvestmentNews LLC. Attorneys for the District of Oregon. 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. 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). ) or https:// means youve safely connected to the .gov website. 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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 company opened slick new offices in New York City. 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. But prosecutors allege the Aequitas executives lied about the firms financial performance. If you need help with finances, they've got that covered. In April, Brian Oliver, Aequitas. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Main Office:
Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Longtime Aequitas No. Brian Oliver, Aequitas Capital's longtime No. 2 executive Brian Oliver pleaded guilty to the same charges in April. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 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. 1000 SW Third Ave Suite 600
They also have people who have helped raise money and sell businesses so they can help with that too. He was the British honorary consul to Portland. B. 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. All three are permanently barred from the securities industry. A locked padlock But I think my clients will be thrilled. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Lock It is believed that since he was ousted from Aequitas, Jesenik has been. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Oliver is the first former Aequitas Capital executive to be criminally charged. The company's general counsel just quit. An official website of the United States government. 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 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. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. They also have people who have helped raise money and sell businesses so they can help with that too. Defendant advised of rights. ) or https:// means youve safely connected to the .gov website. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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. One of Aequitas biggest moneymakers disappeared almost overnight. 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. RIA Intel is part of Delinian. Secure .gov websites use HTTPS Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. But this one was worse. Probation. Former Aequitas Owner and Executive Vice President . He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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). Marketing? Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . In a separate proceeding, the SEC barred the three from the securities industry. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. If you need help with finances, they've got that covered. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. 2023 Advance Local Media LLC. Main Office:
They've got that too. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 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. 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
Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. They are also prohibited from violating the SECs antifraud provisions. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. There was the motorcycle leasing company. ) or https:// means youve safely connected to the .gov website. Investors had been bilked out of hundreds of millions of dollars, the SEC said. An official website of the United States government. 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. Defendant advised of rights. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. MacRitchie, the former utility executive, was the picture of respectability. There was no more hiding the fact that Aequitas was broke. Reset here, 1999 - 2023 citywire.com. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. 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 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. But it appears they are far from done. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). He pled guilty but has not yet been sentenced. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. The Oregon firm thought it had hit the motherlode when it got into the college debt business. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. 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 . The high-interest loans were terrible for students. 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. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 1000 SW Third Ave Suite 600
This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. YouTubes privacy policy is available here and YouTubes terms of service is available here. Other funds went to pay their salaries. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 2020 update: Aequitas investors recoup some money. A lock ( Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Brian provides Cathedral particular expertise in leading Merger & Acquisition transactions and arranging Corporate Finance solutions for its clients, after having been involved in extensive transactions of all sizes throughout his career. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Get started today before this once in a lifetime opportunity expires. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 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. 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. 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. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Ledger left the company in 2005 in a highly controversial and public way. | Advertising I have really enjoyed working with Seth, Brian and the Cathedral team.. He is scheduled to be. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. On March 10, 2016, the Securities and Exchange Commission (" SEC ") filed a complaint in this Court against the Entity Defendants 1 and three individual defendants, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis. Gillis was the second Aequitas chief financial officer. ORDER granting the Government's oral motion to unseal the case. 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. Now both have been sucked into the criminal fraud investigation of the collapsed firm. | Articles Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. YouTubes privacy policy is available here and YouTubes terms of service is available here. PORTLAND, Ore.U.S. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. A locked padlock Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. The company's general counsel just quit. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Attorneys for the District of Oregon. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged.