It began to default on the interest payments owed its legion of mom and pop investors. 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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. But they made good money for Aequitas and its investors. Attorneys for the District of Oregon. 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. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. YouTubes privacy policy is available here and YouTubes terms of service is available here. Seven years ago, it was easy to believe in Aequitas. There was the commercial lender. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Some money from new investors was allegedly used to pay earlier investors 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 Reset here, 1999 - 2023 citywire.com. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. 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. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Luminaries from the downtown business establishment wanted to join the team. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Defendant proceeds as named. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. Aequitas Management LLC and four affiliates allegedly defrauded more than 1,500 investors nationwide into believing they were making health care, education, and transportation-related investments when their money was really being used in a last-ditch effort to save the firm. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. 2020 update: Aequitas investors recoup some money. If you need help with finances, they've got that covered. ) or https:// means youve safely connected to the .gov website. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. 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.
All rights reserved (About Us). RIA Intel is part of Delinian. 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. Have a question about Government Services? Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Investors had been bilked out of hundreds of millions of dollars, the SEC said.
Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense.
Bob Jesenik, three other former Aequitas executives - Oregonlive SEC bars Aequitas execs after $540m judgement against Oregon firm Attorneys for the District of Oregon. A locked padlock
Investment adviser: Aequitas lied to investors, hid - oregonlive 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. As Aequitas grew, its profile in the community also increased. (Entered: 04/19/2019) He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. More Local News to Love Start today for 50% off Expires 3/6/23. Aequitas also had tentacles spread throughout the RIA world. 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. Rice served as Aequitass executive vice president and president of wealth management.
Attorneys in Aequitas Capital fraud case spar over Oregon regulator who (See separate order.) They hurt a whole lot of people..
Former Aequitas CEO and Senior Executives Indicted in Fraud and Money MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Brian Oliver, Aequitas Capital's longtime No. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". He was the British honorary consul to Portland. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). 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. They agreed to plead guilty and cooperate with the government.. Lock | Advertising But it appears they are far from done. 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. But prosecutors allege the Aequitas executives lied about the firms financial performance. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. It was the beginning of the end for the high-flying company. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. I have really enjoyed working with Seth, Brian and the Cathedral team.. As part of the final consent judgment, the defendants are prohibited from soliciting anyone to purchase or sell a security and prohibiting them from participating in the issuance, offer, or sale of any security of an entity they control, the SECs release stated. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies.
Redmond adviser caught in Oregon firm's $600M financial collapse Sam Kauffman is MacRitchies attorney. Guilty pleas entered as to Counts 1 and 2 of the Information. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. They are also prohibited from violating the SECs antifraud provisions. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. They also have people who have helped raise money and sell businesses so they can help with that too. A .gov website belongs to an official government organization in the United States.
District of Oregon | Former Aequitas Owner and Chief Financial Officer Thom Maher is launching a firm, Maher Wealth Management, in Phoenix.
They also have people who have helped raise money and sell businesses so they can help with that too. Learn more about reprints and licensing for this article. Signed on 4/19/2019 by Judge Michael W. Mosman. Gillis was the second Aequitas chief financial officer. | Link Errors Aequitas did make legitimate investments. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. In addition, it said Gillis agreed to be permanently suspended from appearing and practicing before the SEC as an accountant and cannot work as an auditor for pubic companies.
Oliver, former second-in-command at Aequitas, pleads guilty to fraud This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. The Government does not seek detention and Defendant is released on conditions.
Sentencing for No. 2 Aequitas executive Brian Oliver moved to February But this one was worse. 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. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Mike Esler, another attorney for Aequitas investors, credited federal prosecutors for sticking with an extremely complex case all the way to the indictment of Aequitas leader Jesenik. PORTLAND, Ore.U.S. Defendant advised of rights.
Claim Data and Trends - EPIC Insurance Brokers & Consultants Scott Bradford is the lead prosecutor on the case. II. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. Much of the cash went to make the payments owed to other investors. Aequitas investors lost about $600 million after the collapse. 2 executive Brian Oliver pleaded guilty to the same charges in April. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. A lock ( 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. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Government summarized charges and terms of plea agreement. They both opted not to talk. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. 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. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. He is scheduled to be sentenced on Aug. 5. Court finds guilty pleas to be knowing and voluntary. 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. Defendant sworn and examined. 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. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. The company's general counsel just quit. The company's general counsel just quit. 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. Oliver was also charged criminally for his conduct. 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). 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. Main Office:
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Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. A .gov website belongs to an official government organization in the United States. 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.
Re: United States of America v. Brian A. Oliver - MoreLaw Marketing? 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. 2023 Advance Local Media LLC. 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. 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.
Former Aequitas CEO testifies in divorce trial 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. Aequitas Management LLC and four affiliates allegedly defrauded more than 1,500 investors nationwide into believing they were making health care, education, and transportation-related investments when their money was really being used in a last-ditch effort to save the firm. Rice headed Key Bank in Oregon for 12 years. 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.
PDF United States of America Securities and Exchange Commission Investment They've got that too. Email USAO-OR. ORDER granting the Government's oral motion to unseal the case. Lock SEC charges advisor over Aequitas conflicts of interest. The company had three policies each for $5 million of coverage. 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. Brian received a Bachelor of Science degree from Oregon State University. 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. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . All rights reserved (About Us). Another was a utility executive who helped change Portlands business landscape. Lock The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. He established and maintained the companys accounting principles, practices, procedures and initiatives, prepared financial reports and presented findings and recommendations to the executive teams, and oversaw all financial functions.