brian oliver, aequitas

2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. YouTubes privacy policy is available here and YouTubes terms of service is available here. Marketing? Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Defendant waived reading of the Information. 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. It was the beginning of the end for the high-flying company. Get started today before this once in a lifetime opportunity expires. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Court finds defendant capable and competent to enter plea. 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. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. They both opted not to talk. 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. 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. PORTLAND, Ore.U.S. He is scheduled to be sentenced on Aug. 5. 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. 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 native of the United Kingdom, he served as the British honorary consul in Portland for several years. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Aequitas specialized in debt. Email USAO-OR. 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 A .gov website belongs to an official government organization in the United States. A locked padlock On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. B. 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. 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. Share sensitive information only on official, secure websites. 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. 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. They agreed to plead guilty and cooperate with the government. Lock Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. | Link Errors 2023 Advance Local Media LLC. | Sign In, Verdict Corrections 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. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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. A locked padlock 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. The Government does not seek detention and Defendant is released on conditions. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. But prosecutors allege the Aequitas executives lied about the firms financial performance. 2020 update: Aequitas investors recoup some money. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Secure .gov websites use HTTPS In April, Brian Oliver, Aequitas. 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. Portland, Oregon 97204 ORDER Defendant released on previous conditions. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Court finds guilty pleas to be knowing and voluntary. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. He pled guilty but has not yet been sentenced. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Oliver was also charged criminally for his conduct. Main Office: ) or https:// means youve safely connected to the .gov website. PORTLAND, Ore.U.S. The company's general counsel just quit. 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. 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Gillis was the second Aequitas chief financial officer. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Rice acknowledged in court filings that he's a suspect in the case. Government summarized charges and terms of plea agreement. 13. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Longtime Aequitas No. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) There was the commercial lender. All three are permanently barred from the securities industry. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. MacRitchie was the companys executive vice president and chief compliance officer. 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. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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? Until now, Rice and MacRitchie have faced minimal legal expenses. One of Aequitas biggest moneymakers disappeared almost overnight. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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! Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. PORTLAND, Ore.U.S. 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. All three are permanently barred from the securities industry. 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Jesenik also must pay a civil penalty of $625,000. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. 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. Some money from new investors was allegedly used to pay earlier investors No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Rice served as Aequitass executive vice president and president of wealth management. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. All rights reserved (About Us). PORTLAND, Ore.U.S. Oliver is the first former Aequitas Capital executive to be criminally charged. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. But this one was worse. Then Corinthian went bankrupt. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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). Seven years ago, it was easy to believe in Aequitas. Community Rules apply to all content you upload or otherwise submit to this site. Once a high-flying Lake Oswego . An official website of the United States government. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. The default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. The firm purchased or invested in other financial firms, many of them glorified debt collectors. 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. The company's general counsel just quit. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. President, Cathedral Finance|Senior Advisor. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. 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. All material subject to strictly enforced copyright laws. An official website of the United States government. 2023 InvestmentNews LLC. Official websites use .gov Realized Launches Game Changing Platform for Direct Real Estate Investment, The CFP Board Calls Out Crypto in Code of Ethics and Standards, Modern Slavery Act Transparency Statement. 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. 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. SEC charges advisor over Aequitas conflicts of interest. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. Investors had been bilked out of hundreds of millions of dollars, the SEC said. 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). 1000 SW Third Ave Suite 600 The company had three policies each for $5 million of coverage. It began to default on the interest payments owed its legion of mom and pop investors. 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. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Email USAO-OR. 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 these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for 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. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. Sentencing materials are due no later than 7/31/2019. Learn more about reprints and licensing for this article. A locked padlock 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Secure .gov websites use HTTPS ) or https:// means youve safely connected to the .gov website. 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. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 1000 SW Third Ave Suite 600 Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Aequitas also had tentacles spread throughout the RIA world. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. (kms) (Entered: 04/19/2019), Home Community Rules apply to all content you upload or otherwise submit to this site. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. Rice headed Key Bank in Oregon for 12 years. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. RIA Intel is part of Delinian. 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. Secure .gov websites use HTTPS It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. The high-interest loans were terrible for students. Brian Oliver President, Cathedral Finance | Senior Advisor Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Accounting giant Deloitte, stock trader T.D. Defendant advised of rights. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. 2 executive Brian Oliver pleaded guilty to the same charges in April. Official websites use .gov 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. | Store | Articles | Advertising Signed on 4/19/2019 by Judge Michael W. Mosman. But much of that money has already been spent. Please sign in or register to comment. II. They agreed to plead guilty and cooperate with the government.. A .gov website belongs to an official government organization in the United States. 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. 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 A lock ( YouTubes privacy policy is available here and YouTubes terms of service is available here. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Aequitas investors lost about $600 million after the collapse. I have really enjoyed working with Seth, Brian and the Cathedral team.. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. | Recent Lawyer Listings They are also prohibited from violating the SECs antifraud provisions. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Portland, Oregon 97204 If you missed the last issue of InvestmentNews, you can access it here. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. They hurt a whole lot of people.. But they made good money for Aequitas and its investors. Probation. 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. Lock 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. Attorneys for the District of Oregon. There are also questions about whether Jesenik and other defendants spent the money appropriately.

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