Then Corinthian went bankrupt. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Main Office: Rice served as Aequitass executive vice president and president of wealth management. They are also prohibited from violating the SECs antifraud provisions. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. | Articles Lock Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle U.S. Attorney's Office, District of Oregon, Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Laundering Conspiracy, 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 CEO and Senior Executives Indicted In Fraud and Money Laundering Conspiracy. I have really enjoyed working with Seth, Brian and the Cathedral team.. 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? Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Investment adviser: Aequitas lied to investors, hid - oregonlive An official website of the United States government. Some money from new investors was allegedly used to pay earlier investors Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. | Advertising 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. 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 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. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February A .gov website belongs to an official government organization in the United States. Court: United States District Court for the District of Oregon (Multnomah County), Plaintiff's Attorney: Scott E. Bradford and Ryan W. Bounds, Defendant's Attorney: Kendra M. Matthews and Whitney Patrick Boise, 18:1341 and 18:1343 CONSPIRACY TO COMMIT MAIL AND WIRE FRAUD It began to default on the interest payments owed its legion of mom and pop investors. 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. The company's general counsel just quit. They also have people who have helped raise money and sell businesses so they can help with that too. Defendant sworn and examined. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Brian Oliver, Aequitas Capital's longtime No. | Privacy Statement. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. It is free to register and only takes a minute or two. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. 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. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Learn more about reprints and licensing for this article. Luminaries from the downtown business establishment wanted to join the team. Gillis was the second Aequitas chief financial officer. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Get started today before this once in a lifetime opportunity expires. 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. Attorneys for the District of Oregon. All Rights Reserved. The company had three policies each for $5 million of coverage. SEC charges advisor over Aequitas conflicts of interest. 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. The company's general counsel just quit. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) They hurt a whole lot of people.. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Sam Kauffman is MacRitchies attorney. 2023 RIA Intel, an Institutional Investor Publication. Investors had been bilked out of hundreds of millions of dollars, the SEC said. 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. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. 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. District of Oregon | Former Aequitas Owner and Executive Vice President Share sensitive information only on official, secure websites. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. 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. Investors agree to $234.6M in settlements in Aequitas was - Portland Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. 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. 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. 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. Ledger left the company in 2005 in a highly controversial and public way. Official websites use .gov 2 executive Brian Oliver pleaded guilty to the same charges in April. District of Oregon | Former Aequitas Senior Executive and Chief An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. The Oregonian first reported the criminal charges and guilty plea. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 1000 SW Third Ave Suite 600 Marketing? Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. 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 Defendant advised of rights. A locked padlock Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. MacRitchie was the companys executive vice president and chief compliance officer. Oliver was the companys primary fundraiser and shared responsibility for the operation and management of Aequitas-affiliated companies and investment products as well as for the use of investor money. Until now, Rice and MacRitchie have faced minimal legal expenses. ) or https:// means youve safely connected to the .gov website. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. They agreed to plead guilty and cooperate with the government.. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. 1000 SW Third Ave Suite 600 Brian A. Oliver, age 51, resides in Aurora, Oregon. Aequitas also had tentacles spread throughout the RIA world. Community Rules apply to all content you upload or otherwise submit to this site. Aequitas specialized in debt. 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. (kms) (Entered: 04/19/2019), Home Defendant advised of rights. Janke becomes second Aequitas executive to plead guilty; could get By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Another was a utility executive who helped change Portlands business landscape. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. ) or https:// means youve safely connected to the .gov website. 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. Portland, Oregon 97204 Email USAO-OR. 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.
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