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Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. An official website of the United States government. Other funds went to pay their salaries. (kms) (Entered: 04/19/2019), Home A .gov website belongs to an official government organization in the United States. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. He argues he needs the money to help defray losses suffered by Aequitas investors. Official websites use .gov Waiver of indictment signed and accepted by the Court. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. 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. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. | Sign In, Verdict Corrections 2023 InvestmentNews LLC. Aequitas specialized in debt. ) or https:// means youve safely connected to the .gov website. PORTLAND, Ore.U.S. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Attorneys for the District of Oregon. | Articles Jesenik founded the Aequitas group of companies, and, as chief executive officer, controlled the organizations structure and had ultimate decision-making authority over company activities. In April, Brian Oliver, Aequitas. 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. But prosecutors allege the Aequitas executives lied about the firms financial performance. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Lock He pled guilty but has not yet been sentenced. 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. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. Share sensitive information only on official, secure websites. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Learn more about reprints and licensing for this article. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. ORDER Defendant released on previous conditions. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. The company opened slick new offices in New York City. All Rights Reserved. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Once a high-flying Lake Oswego . PORTLAND, Ore.U.S. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. But I think my clients will be thrilled. 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. That has changed as the criminal case nears the indictment stage. Portland, Oregon 97204 According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Collectively, the defendants also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use of investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. 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. (Entered: 04/19/2019) 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. Community Rules apply to all content you upload or otherwise submit to this site. All rights reserved (About Us). 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. 13. 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. A lock ( Brian Oliver, Aequitas Capital's longtime No. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. Defendant waived reading of the Information. Aequitas also had tentacles spread throughout the RIA world. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. | Privacy Statement. They agreed to plead guilty and cooperate with the government.. There are also questions about whether Jesenik and other defendants spent the money appropriately. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. I have really enjoyed working with Seth, Brian and the Cathedral team. Much of the cash went to make the payments owed to other investors. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. MacRitchie, the former utility executive, was the picture of respectability. They are also prohibited from violating the SECs antifraud provisions. 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. Our team of expertsis available to help your business build value in a variety of ways including: assessments, strategic planning, corporate financing, M&A support, market research, growth marketingandmuch more! 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. | Link Errors On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . A lock ( Community Rules apply to all content you upload or otherwise submit to this site. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. | Recent Lawyer Listings 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. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) U.S. Attorney's Office, District of Oregon, Former Aequitas Senior Executive and Chief Financial Officer Pleads Guilty to Making False Statements to a Creditor, 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 Senior Executive and Chief Financial Officer Pleads Guilty To Making False Statements To a Creditor. All three are permanently barred from the securities industry. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Lock Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. By the time Corinthian filed for bankruptcy and students went on strike refusing to pay their loans some 75% of the receivables of the Aequitas notes came from the for-profit scam, according to RIA Intels first story on Aequitas. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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. Official websites use .gov Rice headed Key Bank in Oregon for 12 years. MacRitchie was the companys executive vice president and chief compliance officer. The company had three policies each for $5 million of coverage. 2023 RIA Intel, an Institutional Investor Publication. 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. PORTLAND, Ore.U.S. Have a question about Government Services? Aequitas investors lost about $600 million after the collapse. 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 . Scott Bradford is the lead prosecutor on the case. A .gov website belongs to an official government organization in the United States. 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. Main Office: Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Until now, Rice and MacRitchie have faced minimal legal expenses. PORTLAND, Ore.U.S. Secure .gov websites use HTTPS Aequitas did make legitimate investments. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. ORDER granting the Government's oral motion to unseal the case. On March 10, 2016, the Securities and Exchange Commission (" SEC ") filed a complaint in this Court against the Entity Defendants 1 and three individual defendants, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis. Gillis was the second Aequitas chief financial officer. 2023 Advance Local Media LLC. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) RIA Intel is part of Delinian. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. 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. | Store Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Portland, Oregon 97204 Rice included in his court filings a copy of an April 23 letter from the U.S. Attorneys office in Portland informing him that you are a subject of a federal criminal investigation concerning fraud that occurred at Aequitas.. Get started today before this once in a lifetime opportunity expires.