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By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Then Corinthian went bankrupt. He was the British honorary consul to Portland. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. The Oregonian first reported the criminal charges and guilty plea. 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. The firm purchased or invested in other financial firms, many of them glorified debt collectors. 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. Share sensitive information only on official, secure websites. 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. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Plea Petition and Plea Agreement signed and accepted by the Court. 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. One of Aequitas biggest moneymakers disappeared almost overnight. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. In April, Brian Oliver, Aequitas. Gillis was the second Aequitas chief financial officer. The SECs complaint alleged that Jesenik and Oliver were aware of Aequitass calamitous financial condition yet continued to solicit millions of dollars from investors to pay the firms ever-increasing expenses and attempt to stave off the impending collapse of the business. It added that Gillis allegedly concealed the firms insolvency from investors and was aware that Jesenik and Oliver continued soliciting investors so that Aequitas could pay operating expenses and repay earlier investors with money from new investors.. [More: Aequitas meltdown underscores the importance of due diligence, caution]. The company's general counsel just quit. He is scheduled to be. 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. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. As part of the plea agreement, Oliver has agreed to pay restitution in full to each of victims as determined and ordered by the court. If you need help with finances, they've got that covered. They also have people who have helped raise money and sell businesses so they can help with that too. 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? This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. But prosecutors allege the Aequitas executives lied about the firms financial performance. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 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. But much of that money has already been spent. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. (See separate order.) 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). 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 Aequitas also had tentacles spread throughout the RIA world. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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. 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. 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. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. 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. 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! Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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. 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. The company's general counsel just quit. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. 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? Official websites use .gov 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. Please sign in or register to comment. An official website of the United States government. 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). President, Cathedral Finance|Senior Advisor. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Secure .gov websites use HTTPS 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. Other funds went to pay their salaries. A .gov website belongs to an official government organization in the United States. RIA Intel is part of Delinian. District of Oregon 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 three are permanently barred from the securities industry. 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 As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. It was the beginning of the end for the high-flying company. 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. Probation. The Oregon firm thought it had hit the motherlode when it got into the college debt business. (Entered: 04/19/2019) | Store Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Investors had been bilked out of hundreds of millions of dollars, the SEC said. But they made good money for Aequitas and its investors. Community Rules apply to all content you upload or otherwise submit to this site. An official website of the United States government. 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. Oliver is the first former Aequitas Capital executive to be criminally charged. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. There was no more hiding the fact that Aequitas was broke. Attorneys for the District of Oregon. They've got that too. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. | Link Errors The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. They agreed to plead guilty and cooperate with the government.. Get started today before this once in a lifetime opportunity expires. | Advertising 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). Cookie Settings/Do Not Sell My Personal Information. The firm was growing quickly, it did business with some of the best-known investment advisors in the country, it claimed to have more than $1 billion under management. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . 2020 update: Aequitas investors recoup some money. Have a question about Government Services? (Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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. Guilty pleas entered as to Counts 1 and 2 of the Information. | Editor SEC charges advisor over Aequitas conflicts of interest. 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. More Local News to Love Start today for 50% off Expires 3/6/23. 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. Lock Longtime Aequitas No. 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. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 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. Scott Gillis, 66, from the securities industry for their roles in a scheme that bilked hundreds of millions from investors. 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. Jesenik also must pay a civil penalty of $625,000. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Ledger left the company in 2005 in a highly controversial and public way. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Much of the cash went to make the payments owed to other investors. 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. Aequitas specialized in debt. Defendant sworn and examined. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. There was the commercial lender. 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. 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. Luminaries from the downtown business establishment wanted to join the team. 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. Share sensitive information only on official, secure websites. 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. MacRitchie, the former utility executive, was the picture of respectability. Gillis was the second Aequitas chief financial officer. PORTLAND, Ore.U.S. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. 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. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Brian A. Oliver, a former owner and executive vice president of Aequitas Management, LLC and several other Aequitas-related companies pleaded guilty to conspiring to commit mail and wire fraud and money laundering. 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 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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