brian oliver, aequitas
He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. PORTLAND, Ore.U.S. President, Cathedral Finance|Senior Advisor. He was the British honorary consul to Portland. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) (See separate order.) 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? Portland, Oregon 97204 Email USAO-OR. If you missed the last issue of InvestmentNews, you can access it here. Gillis was the second Aequitas chief financial officer. Attorney Billy J. Williams announced today that Robert J. Jesenik, 61, a former chief executive officer of Aequitas Management, LLC and several other Aequitas-owned entities, has been indicted along with three other former company executives for their roles in a fraud and money laundering conspiracy. (1) Email USAO-OR. ORDER Presentence Report to be prepared by U.S. They are Brian Rice, who formerly headed Key Banks operations in much of Oregon, Andrew MacRitchie, The Scotland native who came to Portland when when Scottish Power purchased PacifiCorp, and N. Scott Gillis, the former chief financial officer. Defendant sworn and examined. Oliver, former second-in-command at Aequitas, pleads guilty to fraud 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. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. As Aequitas grew, its profile in the community also increased. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Official websites use .gov Have a question about Government Services? It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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 Settles With SEC for $540 Million as Three Top - RIAIntel There are also questions about whether Jesenik and other defendants spent the money appropriately. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. The Oregonian first reported the criminal charges and guilty plea. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. 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 2020 update: Aequitas investors recoup some money. Bob Jesenik, three other former Aequitas executives - Oregonlive Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Redmond adviser caught in Oregon firm's $600M financial collapse 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Secure .gov websites use HTTPS 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? ) or https:// means youve safely connected to the .gov website. | Advertising 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. He declined to comment. All Rights Reserved. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . I have really enjoyed working with Seth, Brian and the Cathedral team. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Defendant waived reading of the Information. 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. 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Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. 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. One of Aequitas biggest moneymakers disappeared almost overnight. (chso). | Privacy Statement. 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. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Not guilty pleas and denial of forfeiture allegation entered. Much of the cash went to make the payments owed to other investors. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Main Office: 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. Attorneys for the District of Oregon. A .gov website belongs to an official government organization in the United States. If you need help with finances, they've got that covered. 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. A lock ( Longtime Aequitas No. 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 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. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. The high-interest loans were terrible for students. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 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! Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Share sensitive information only on official, secure websites. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit 2023 InvestmentNews LLC. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Former Aequitas Owner and Executive Vice President . (Entered: 04/19/2019) A locked padlock Brian has been a Senior Advisor with Cathedral Consulting since 2017. B. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Jesenik also must pay a civil penalty of $625,000. Cookie Settings/Do Not Sell My Personal Information. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. 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 recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 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.. They've got that too. 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. 2023 RIA Intel, an Institutional Investor Publication. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Signed on 4/19/2019 by Judge Michael W. Mosman. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. Plus, three other Aequitas defendants former second-in-command Brian Oliver and N. Scott Gillis and Olaf Janke, former Aequitas chief financial officers have pleaded guilty to fraud and. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Plea Petition and Plea Agreement signed and accepted by the Court. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. 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. 2023 Advance Local Media LLC. They've got that too. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. | Link Errors Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 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). 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. | Articles Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Investors had been bilked out of hundreds of millions of dollars, the SEC said. Investment adviser: Aequitas lied to investors | The Seattle Times Luminaries from the downtown business establishment wanted to join the team. There was the commercial lender. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Its been a long time coming, Kayser said. Court finds guilty pleas to be knowing and voluntary. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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. ) or https:// means youve safely connected to the .gov website. A lock ( Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. A Salem, Oregon man pleaded guilty today for using Twitter to threaten violence against employees of Robinhood Markets, Inc., an online financial services company based in Menlo Park, California. Aequitas Capital Management Lawsuit - Law Meg An official website of the United States government. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Defendant proceeds as named. By late 2015, Aequitas was suffering one of its periodic cash flow crises. 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. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. 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. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Once a high-flying Lake Oswego . Attorneys for the District of Oregon. 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? (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. | Store But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Government summarized charges and terms of plea agreement. All rights reserved (About Us).