brian oliver, aequitas

Oliver is the first former Aequitas Capital executive to be criminally charged. Then Corinthian went bankrupt. 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.. Attorneys for the District of Oregon. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. II. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. B. A lock ( Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. There was the motorcycle leasing company. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. A locked padlock (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) If you purchase a product or register for an account through one of the links on our site, we may receive compensation. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 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 . John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. All three are permanently barred from the securities industry. 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. 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. 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. SEC charges advisor over Aequitas conflicts of interest. 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. | Articles 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. 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. 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. Attorneys for the District of Oregon. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Share sensitive information only on official, secure websites. 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). Plea Petition and Plea Agreement signed and accepted by the Court. The high-interest loans were terrible for students. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. That has changed as the criminal case nears the indictment stage. More Local News to Love Start today for 50% off Expires 3/6/23. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. 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. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Its been a long time coming, Kayser said. But it appears they are far from done. | Link Errors Counsel Present for Defendant: Whitney Boise, Kendra Matthews. PORTLAND, Ore.U.S. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. He was the British honorary consul to Portland. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Aequitas investors lost about $600 million after the collapse. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 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. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. 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. 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. A locked padlock Aequitas specialized in debt. In a divorce settlement filed with the court, it's. 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. 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. He is scheduled to be sentenced on Aug. 5. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Probation. (See separate order.) Gillis was the second Aequitas chief financial officer. The Government does not seek detention and Defendant is released on conditions. A lock ( Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Lock The firm purchased or invested in other financial firms, many of them glorified debt collectors. All rights reserved (About Us). Court finds guilty pleas to be knowing and voluntary. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Former Aequitas Owner and Executive Vice President . They both opted not to talk. 2023 Advance Local Media LLC. I have really enjoyed working with Seth, Brian and the Cathedral team. 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. Have a question about Government Services? As Aequitas grew, its profile in the community also increased. The company opened slick new offices in New York City. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Much of the cash went to make the payments owed to other investors. Sentencing materials are due no later than 7/31/2019. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. 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. Rice served as Aequitass executive vice president and president of wealth management. Now both have been sucked into the criminal fraud investigation of the collapsed firm. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Other funds went to pay their salaries. He was even on the board of the Arlington Club. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. A locked padlock Government summarized charges and terms of plea agreement. 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. The Lake Oswego, Ore.-based investment management firm was the subject of a Securities and Exchange Commission complaint filed in 2016 alleging that Aequitas defrauded more than 1,500 investors into believing they were putting their money into health care, education and transportation investments when their money was being used primarily in a Ponzi-like fashion. They also have people who have helped raise money and sell businesses so they can help with that too. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. 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. Official websites use .gov Main Office: 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. 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. The company's general counsel just quit. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. 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). 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. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. They agreed to plead guilty and cooperate with the government. (1) This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Share sensitive information only on official, secure websites. A .gov website belongs to an official government organization in the United States. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. 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. Cookie Settings/Do Not Sell My Personal Information. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Not guilty pleas and denial of forfeiture allegation entered. Bob Jesenik, the co-founder and face of the defunct Lake Oswego investment firm Aequitas Management, was indicted Tuesday on charges he defrauded hundreds of its former clients. 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 current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. There are also questions about whether Jesenik and other defendants spent the money appropriately. 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. 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. 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. 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). 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. Court finds defendant capable and competent to enter plea. 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. Official websites use .gov They agreed to plead guilty and cooperate with the government.. 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. 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. A .gov website belongs to an official government organization in the United States. 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. 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. There was the commercial lender. One of Aequitas biggest moneymakers disappeared almost overnight. The company had three policies each for $5 million of coverage. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Gillis was the second Aequitas chief financial officer. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. 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 Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. | Privacy Statement. Jesenik also must pay a civil penalty of $625,000. Ledger left the company in 2005 in a highly controversial and public way. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Email USAO-OR. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Community Rules apply to all content you upload or otherwise submit to this site. 0. 1000 SW Third Ave Suite 600 The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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 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. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Lock Email USAO-OR. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 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.

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