It is free to register and only takes a minute or two. 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? Oliver was also charged criminally for his conduct. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. A lock ( 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. If you missed the last issue of InvestmentNews, you can access it here. They've got that too. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . All three are permanently barred from the securities industry. Oliver is the first former Aequitas Capital executive to be criminally charged. 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. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 2023 InvestmentNews LLC. An official website of the United States government. | Advertising 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. Longtime Aequitas No. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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). A .gov website belongs to an official government organization in the United States. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 2020 update: Aequitas investors recoup some money. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. Brian A. Oliver, age 51, resides in Aurora, Oregon. Have a question about Government Services? With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Until now, Rice and MacRitchie have faced minimal legal expenses. It was the beginning of the end for the high-flying company. On January 26, 2023, a California man who evaded federal authorities for more than two decades after being convicted at trial and who was wanted in District of Oregon for District of Oregon There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Attorneys for the District of Oregon. 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. On January 26, 2023, a California man who evaded federal authorities for more than two decades after being convicted at trial and who was wanted in District of Oregon for District of Oregon Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. 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. 2 executive Brian Oliver pleaded guilty to the same charges in April. The company opened slick new offices in New York City. According to court documents, Jesenik, Gillis, MacRitchie, Rice, and others used the Lake Oswego company to solicit investments in a variety of notes and funds, many of which were purportedly backed by trade receivables in education, health care, transportation, and other consumer credit areas. The Oregonian first reported the criminal charges and guilty plea. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". YouTubes privacy policy is available here and YouTubes terms of service is available here. Attorneys for the District of Oregon. 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. Official websites use .gov Secure .gov websites use HTTPS District of Oregon 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Brian Oliver, Aequitas Capital's longtime No. SEC charges advisor over Aequitas conflicts of interest. All rights reserved (About Us). Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Aequitas specialized in debt. All material subject to strictly enforced copyright laws. In a divorce settlement filed with the court, it's. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Email USAO-OR. Have a question about Government Services? Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Another was a utility executive who helped change Portlands business landscape. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. 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. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 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. Seven years ago, it was easy to believe in Aequitas. 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. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Community Rules apply to all content you upload or otherwise submit to this site. Scott Bradford is the lead prosecutor on the case. 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. 2023 Advance Local Media LLC. Marketing? Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Accounting giant Deloitte, stock trader T.D. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. II. | Recent Lawyer Listings PORTLAND, Ore.U.S. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. They both opted not to talk. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Lock 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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. 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. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. The Government does not seek detention and Defendant is released on conditions. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Learn more about reprints and licensing for this article. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. 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. A locked padlock 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 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 also must pay a civil penalty of $625,000. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. All rights reserved (About Us). 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. Please sign in or register to comment. A lock ( Portland, Oregon 97204 Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. He declined to comment. They also have people who have helped raise money and sell businesses so they can help with that too. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Government summarized charges and terms of plea agreement. Probation. 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. Then Corinthian went bankrupt. Email USAO-OR. 0. Lock This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. He pled guilty but has not yet been sentenced. But prosecutors allege the Aequitas executives lied about the firms financial performance. But it appears they are far from done. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. (kms) (Entered: 04/19/2019), Home They've got that too. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Court finds guilty pleas to be knowing and voluntary. 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. Bob Jesenik has not been criminally charged. 2023 RIA Intel, an Institutional Investor Publication. 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. Brian has been a Senior Advisor with Cathedral Consulting since 2017. Its been a long time coming, Kayser said. | Store Greenspan uncovered a remarkable email exchange between Aequitas co-founder Brian Oliver and Andrew MacRitchie, the firm's one-time chief compliance officer, which seems to indicate they were. 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. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. 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. 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. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. One of Aequitas biggest moneymakers disappeared almost overnight. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. But I think my clients will be thrilled. 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. 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. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Defendant advised of rights. The company's general counsel just quit. They agreed to plead guilty and cooperate with the government.. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. (1) 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. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. 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. 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 final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. 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