They both opted not to talk. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. But I think my clients will be thrilled. All rights reserved (About Us). Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. 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. 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. I have really enjoyed working with Seth, Brian and the Cathedral team. Bob Jesenik has not been criminally charged. He pled guilty but has not yet been sentenced. 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. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. (kms) (Entered: 04/19/2019), Home Seven years ago, it was easy to believe in Aequitas. Brian Oliver, Aequitas Capital's longtime No. 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. There are also questions about whether Jesenik and other defendants spent the money appropriately. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. 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. 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. An official website of the United States government. All material subject to strictly enforced copyright laws. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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 . 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. 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. Aequitas also had tentacles spread throughout the RIA world. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. 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. B. A locked padlock A locked padlock Signed on 4/19/2019 by Judge Michael W. Mosman. 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. But much of that money has already been spent. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 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. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . They also have people who have helped raise money and sell businesses so they can help with that too. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. | Store 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. He was even on the board of the Arlington Club. If you need help with finances, they've got that covered. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 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). 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In a separate proceeding, the SEC barred the three from the securities industry. Official websites use .gov 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. 13. Plea Petition and Plea Agreement signed and accepted by the Court. 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. 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. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Scott Bradford is the lead prosecutor on the case. The high-interest loans were terrible for students. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. YouTubes privacy policy is available here and YouTubes terms of service is available here. 2 executive Brian Oliver pleaded guilty to the same charges in April. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Once a high-flying Lake Oswego . Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Reset here, 1999 - 2023 citywire.com. 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. Jesenik also must pay a civil penalty of $625,000. By early January 2016, Aequitass general counsel advised Gillis and other executives that the company would soon default on payments due to Private Note investors, causing an event of default on Aequitass loan agreement with Wells Fargo. 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. 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. Portland, Oregon 97204 District of Oregon But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 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. 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. Gillis was the second Aequitas chief financial officer. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Worse, regulators from the U.S. Consumer Financial Protection Bureau and the state Department of Justice began taking a hard look at the colleges agreement with Aequitas. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. In a divorce settlement filed with the court, it'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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Accounting giant Deloitte, stock trader T.D. 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. Lock [More: Aequitas meltdown underscores the importance of due diligence, caution]. 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 Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. He is scheduled to be. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration.
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