[More: Aequitas meltdown underscores the importance of due diligence, caution]. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Lock ) or https:// means youve safely connected to the .gov website. The firm purchased or invested in other financial firms, many of them glorified debt collectors. 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. 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 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 convicted on all charges, each of the defendants could face decades in prison and millions of dollars in fines and restitution, as well as five years supervised release following their prison terms. 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 . I have really enjoyed working with Seth, Brian and the Cathedral team. 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. 2023 InvestmentNews LLC. Probation. He was the British honorary consul to Portland. Lock An official website of the United States government. Scott Bradford is the lead prosecutor on the case. Email USAO-OR. ORDER granting the Government's oral motion to unseal the case. A locked padlock 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. There was the commercial lender. All rights reserved (About Us). 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. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 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. (1) 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". The company's general counsel just quit. 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 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. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. 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. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Attorneys for the District of Oregon. (Entered: 04/19/2019) Aequitas specialized in debt. Waiver of indictment signed and accepted by the Court. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. They also have people who have helped raise money and sell businesses so they can help with that too. 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 Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Attorneys for the District of Oregon. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. | Editor 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. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. 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). PORTLAND, Ore.U.S. 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. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. 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. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. 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. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Until now, Rice and MacRitchie have faced minimal legal expenses. 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. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Official websites use .gov 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Ledger left the company in 2005 in a highly controversial and public way. 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. Reset here, 1999 - 2023 citywire.com. Gillis was the second Aequitas chief financial officer. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 2023 RIA Intel, an Institutional Investor Publication. Oliver was also charged criminally for his conduct. They are also prohibited from violating the SECs antifraud provisions. 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. Luminaries from the downtown business establishment wanted to join the team. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Brian Oliver, Aequitas Capital's longtime No. 2023 Advance Local Media LLC. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Cookie Settings/Do Not Sell My Personal Information. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. Signed on 4/19/2019 by Judge Michael W. Mosman. Plea Petition and Plea Agreement signed and accepted by the Court. Brian received a Bachelor of Science degree from Oregon State University. He declined to comment. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. (See separate order.) Official websites use .gov Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. It is free to register and only takes a minute or two. Lock Brian A. Oliver, age 51, resides in Aurora, Oregon. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Brian provides Cathedral particular expertise in leading Merger & Acquisition transactions and arranging Corporate Finance solutions for its clients, after having been involved in extensive transactions of all sizes throughout his career. In a divorce settlement filed with the court, it's. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Share sensitive information only on official, secure websites. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Longtime Aequitas No. PORTLAND, Ore.U.S. A locked padlock 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.