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RIA Intel is part of Delinian. 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. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Attorneys for the District of Oregon. It began to default on the interest payments owed its legion of mom and pop investors. Investors had been bilked out of hundreds of millions of dollars, the SEC said. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. In a divorce settlement filed with the court, it's. Oliver and his co-conspirators also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. He pled guilty but has not yet been sentenced. ) or https:// means youve safely connected to the .gov website. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. But I think my clients will be thrilled. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Defendant waived reading of the Information. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). The Oregon firm thought it had hit the motherlode when it got into the college debt business. 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. He was the British honorary consul to Portland. Aequitas Management, the Oregon-based RIA accused in 2016 of running a massive Ponzi-like scheme, and its top executives have finally settled with the Securities and Exchange Commission. They both opted not to talk. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross monetary gains or losses resulting from his crimes, and three years supervised release. 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. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. That has changed as the criminal case nears the indictment stage. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING (chso). 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. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. 2 executive Brian Oliver pleaded guilty to the same charges in April. Brian Oliver, Aequitas Capital's longtime No. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. Court finds defendant capable and competent to enter plea. Oliver is the first former Aequitas Capital executive to be criminally charged. | Store 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). Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Share sensitive information only on official, secure websites. B. 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. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. ORDER Presentence Report to be prepared by U.S. MacRitchie, the former utility executive, was the picture of respectability. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. A .gov website belongs to an official government organization in the United States. They agreed to plead guilty and cooperate with the government. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Portland, Oregon 97204 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. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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 material subject to strictly enforced copyright laws. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. | Advertising Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Plea Petition and Plea Agreement signed and accepted by the Court. Email USAO-OR. More Local News to Love Start today for 50% off Expires 3/6/23. 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. Marketing? Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Portland, Oregon 97204 Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Gillis was the second Aequitas chief financial officer. It is believed that since he was ousted from Aequitas, Jesenik has been. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Other funds went to pay their salaries. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 13. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Marketing? They are also prohibited from violating the SECs antifraud provisions. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Have a question about Government Services? 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. 2023 Advance Local Media LLC. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Lock Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. There are also questions about whether Jesenik and other defendants spent the money appropriately. Court finds guilty pleas to be knowing and voluntary. They agreed to plead guilty and cooperate with the government.. 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. 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. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. MacRitchie was the companys executive vice president and chief compliance officer. A lock ( Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Bob Jesenik has not been criminally charged. Despite that advice, on or about January 15, 2016, Gillis signed and, with others, submitted to Wells Fargo an advance notice, requesting that Wells Fargo advance $4.2 million to Aequitas with a false certification that Aequitas was not confronting a potential event of default. Aequitas specialized in 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. 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. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. 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. ) or https:// means youve safely connected to the .gov website. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. More Local News to Love Start today for 50% off Expires 3/6/23. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. | Editor Defendant sworn and examined. I have really enjoyed working with Seth, Brian and the Cathedral team.. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. A .gov website belongs to an official government organization in the United States. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. Waiver of indictment signed and accepted by the Court. 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. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. 1000 SW Third Ave Suite 600 The court also required Robert J. Jesenik, the firms former CEO, and Brian A. Oliver, its former executive vice president, to pay $940,806 and $235,928, respectively, in disgorgement and interest. 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. | Privacy Statement. 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. 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. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Signed on 4/19/2019 by Judge Michael W. Mosman. 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. (kms) (Entered: 04/19/2019), Home A locked padlock | Articles Official websites use .gov Rice served as Aequitass executive vice president and president of wealth management. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Main Office: It was the beginning of the end for the high-flying company. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. Oliver was also charged criminally for his conduct. Email USAO-OR. He was even on the board of the Arlington Club. The Oregonian first reported the criminal charges and guilty plea. 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 high-interest loans were terrible for students. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. It is free to register and only takes a minute or two. In a separate proceeding, the SEC barred the three from the securities industry. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. ORDER Defendant released on previous conditions. Share sensitive information only on official, secure websites. But it appears they are far from done. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Community Rules apply to all content you upload or otherwise submit to this site. PORTLAND, Ore.U.S. One of Aequitas biggest moneymakers disappeared almost overnight. But they made good money for Aequitas and its investors. Government summarized charges and terms of plea agreement. 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. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. An official website of the United States government. 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Brian Oliver, Aequitas Capital's longtime No. ORDER granting the Government's oral motion to unseal the case. 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. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) [More: Aequitas meltdown underscores the importance of due diligence, caution]. Scott Bradford is the lead prosecutor on the case. II. Accounting giant Deloitte, stock trader T.D. 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. He is scheduled to be sentenced on Aug. 5. Rice acknowledged in court filings that he's a suspect in the case. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Seven years ago, it was easy to believe in Aequitas. 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). 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. 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. Cookie Settings/Do Not Sell My Personal Information. 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. PORTLAND, Ore.U.S. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Gillis was the second Aequitas chief financial officer. 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. | Recent Lawyer Listings Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Once a high-flying Lake Oswego . PORTLAND, Ore.U.S. Main Office: 1000 SW Third Ave Suite 600 This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Secure .gov websites use HTTPS Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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. 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 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. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Lock 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. 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. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. A .gov website belongs to an official government organization in the United States. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. 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. 2023 Advance Local Media LLC. Sentencing materials are due no later than 7/31/2019. Defendant advised of rights. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Portland, Oregon 97204 The company had three policies each for $5 million of coverage. Please sign in or register to comment. A Salem, Oregon man pleaded guilty today for using Twitter to threaten violence against employees of Robinhood Markets, Inc., an online financial services company based in Menlo Park, California. 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. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. They also have people who have helped raise money and sell businesses so they can help with that too. (Entered: 04/19/2019) Its been a long time coming, Kayser said. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. If you need help with finances, they've got that covered. 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. 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? 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. The company opened slick new offices in New York City. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Rice headed Key Bank in Oregon for 12 years. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Reset here, 1999 - 2023 citywire.com. Secure .gov websites use HTTPS Gillis was the second Aequitas chief financial officer. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. All Rights Reserved. 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. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Aequitas did make legitimate investments. He committed suicide in an attempt to hide . Official websites use .gov Some money from new investors was allegedly used to pay earlier investors 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..