The Oregonian first reported the criminal charges and guilty plea. Much of the cash went to make the payments owed to other investors. Until now, Rice and MacRitchie have faced minimal legal expenses. Get started today before this once in a lifetime opportunity expires. Once a high-flying Lake Oswego . Bob Jesenik has not been criminally charged. Rice acknowledged in court filings that he's a suspect in the case. Defendant advised of rights. 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. 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. By late 2015, Aequitas was suffering one of its periodic cash flow crises. 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. 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 lock ( On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Luminaries from the downtown business establishment wanted to join the team. A lock ( (kms) (Entered: 04/19/2019), Home By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. In a separate proceeding, the SEC barred the three from the securities industry. 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 the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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.. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. All three are permanently barred from the securities industry. 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. 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. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. They are also prohibited from violating the SECs antifraud provisions. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Aequitas collapsed in 2016 owing about $600 million to investors. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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). If you need help with finances, they've got that covered. | Recent Lawyer Listings Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 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. Then Corinthian went bankrupt. 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 It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. ORDER granting the Government's oral motion to unseal the case. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Defendant advised of rights. 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. ORDER Presentence Report to be prepared by U.S. 1000 SW Third Ave Suite 600 1000 SW Third Ave Suite 600 Attorneys for the District of Oregon. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). 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. Have a question about Government Services? But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Secure .gov websites use HTTPS Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. They've got that too. Court finds guilty pleas to be knowing and voluntary. 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. 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. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Share sensitive information only on official, secure websites. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Brian Oliver, Aequitas Capital's longtime No. 1000 SW Third Ave Suite 600 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. | Articles In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. But much of that money has already been spent. Lock In a divorce settlement filed with the court, it's. Jesenik also must pay a civil penalty of $625,000. Official websites use .gov 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. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. | Advertising 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. All rights reserved (About Us). Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. U.S. Attorney's Office, District of Oregon, Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Laundering Conspiracy, 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 CEO and Senior Executives Indicted In Fraud and Money Laundering Conspiracy. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Aequitas did make legitimate investments. Sam Kauffman is MacRitchies attorney. ) or https:// means youve safely connected to the .gov website. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 2023 Advance Local Media LLC. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. 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. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. The firm purchased or invested in other financial firms, many of them glorified debt collectors. 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! Portland, Oregon 97204 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 RIA Intel is part of Delinian. 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. 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. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. There was the commercial lender. 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. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. PORTLAND, Ore.U.S. Main Office: 13. Sentencing materials are due no later than 7/31/2019. They've got that too. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. More Local News to Love Start today for 50% off Expires 3/6/23. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Portland, Oregon 97204 He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. The company had three policies each for $5 million of coverage. 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.

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