13. SEC bars Aequitas execs after $540m judgement against Oregon firm The complaint also alleges that Aequitas Capital Management Inc. and Aequitas Investment Management LLC violated Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, and that Jesenik, Oliver, and Gillis aided and abetted the violations of Aequitas and the affiliated entities. 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. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. 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). 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 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. Have a question about Government Services? All three are permanently barred from the securities industry. But they made good money for Aequitas and its investors. 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. PORTLAND, Ore.U.S. Not guilty pleas and denial of forfeiture allegation entered. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Guilty pleas entered as to Counts 1 and 2 of the Information. 3 Executives of Aequitas Management LLC Charged for Fraud Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. 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. 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. Aequitas investors lost about $600 million after the collapse. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 1000 SW Third Ave Suite 600 Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Please sign in or register to comment. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. The company's general counsel just quit. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Former Aequitas CEO testifies in divorce trial Until now, Rice and MacRitchie have faced minimal legal expenses. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Brian Oliver - Technical Specialist - BCX | ZoomInfo A lock ( MacRitchie, a former ScottishPower and PacifiCorp executive, said in court filings that he too has incurred defense costs in connection with the DOJ investigation. Whether prosecutors consider MacRitchie a target or witness or some other category is unclear. According to court documents, Oliver, 54, of Aurora, Oregon, and unnamed co-conspirators used the Lake Oswego, Oregon, based 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". They've got that too. That has changed as the criminal case nears the indictment stage. District of Oregon | Former Aequitas Senior Executive and Chief An official website of the United States government. MacRitchie was the companys executive vice president and chief compliance officer. Share sensitive information only on official, secure websites. 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. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. ) or https:// means youve safely connected to the .gov website. brian oliver, aequitas Prosecutors' wide net: Prominent Portland executives sucked into Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Court finds guilty pleas to be knowing and voluntary. ) or https:// means youve safely connected to the .gov website. 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. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. Secure .gov websites use HTTPS 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. Rice served as Aequitass executive vice president and president of wealth management. 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. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. All rights reserved (About Us). District of Oregon | Former Aequitas Owner and Executive Vice President 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 Former Aequitas Owner and Executive Vice President . Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. PORTLAND, Ore.U.S. If you need help with finances, they've got that covered. Despite that advice, on or about January 15, 2016, Gillis signed and, with others, submitted to Wells Fargo an advance notice, requesting that Wells Fargo advance $4.2 million to Aequitas with a false certification that Aequitas was not confronting a potential event of default. He was the British honorary consul to Portland. He declined to comment. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Redmond adviser caught in Oregon firm's $600M financial collapse Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. | Articles He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. They've got that too. 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. 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 Waiver of indictment signed and accepted by the Court. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . More Local News to Love Start today for 50% off Expires 3/6/23. They hurt a whole lot of people.. (kms) (Entered: 04/19/2019), Home Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography Bob Jesenik has not been criminally charged. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. Aequitas Capital Management Lawsuit - Law Meg 2020 update: Aequitas investors recoup some money. 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? There are also questions about whether Jesenik and other defendants spent the money appropriately. The company opened slick new offices in New York City. 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 Jesenik also must pay a civil penalty of $625,000. 0. In a separate proceeding, the SEC barred the three from the securities industry. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Longtime Aequitas No. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Rice acknowledged in court filings that he's a suspect in the case. A .gov website belongs to an official government organization in the United States. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty.
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