Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. They agreed to plead guilty and cooperate with the government.. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. 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. 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. Luminaries from the downtown business establishment wanted to join the team. All rights reserved (About Us). [More: Aequitas meltdown underscores the importance of due diligence, caution]. It is believed that since he was ousted from Aequitas, Jesenik has been working for a company founded by his son: KCR Advisors LLC, based in Viero Beach, Fla. An earlier indictment against Gillis will be dismissed. Investors agree to $234.6M in settlements in Aequitas was - Portland Get started today before this once in a lifetime opportunity expires. 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. 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. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Guilty pleas entered as to Counts 1 and 2 of the Information. 13. 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. Investment adviser: Aequitas lied to investors, hid - oregonlive Former Aequitas Owner and Executive Vice President . 1000 SW Third Ave Suite 600 Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. They agreed to plead guilty and cooperate with the government. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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 An official website of the United States government. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 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. Investors had been bilked out of hundreds of millions of dollars, the SEC said. 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. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. The Oregonian first reported the criminal charges and guilty plea. 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. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) PORTLAND, Ore.U.S. 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Prosecutors' wide net: Prominent Portland executives sucked into Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Attorneys for the District of Oregon. All material subject to strictly enforced copyright laws. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty 2023 Advance Local Media LLC. PORTLAND, Ore.U.S. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Lock Much of the cash went to make the payments owed to other investors. There was the commercial lender. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) They also have people who have helped raise money and sell businesses so they can help with that too. Main Office: It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. 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. 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). Some money from new investors was allegedly used to pay earlier investors Email USAO-OR. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Aequitas collapsed in 2016 owing about $600 million to investors. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. District of Oregon | Former Aequitas Owner and Chief Financial Officer There was the motorcycle leasing company. There was no more hiding the fact that Aequitas was broke. 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. 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. 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. But I think my clients will be thrilled. 2 executive Brian Oliver pleaded guilty to the same charges in April. 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. Aequitas also had tentacles spread throughout the RIA world. (kms) (Entered: 04/19/2019), Home There are also questions about whether Jesenik and other defendants spent the money appropriately. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive Marketing? Share sensitive information only on official, secure websites. Attorneys for the District of Oregon. Brian A. Oliver, age 51, resides in Aurora, Oregon. 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. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. ) or https:// means youve safely connected to the .gov website. Marketing? They've got that too. If you need help with finances, they've got that covered. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Once a high-flying Lake Oswego . 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. The company's general counsel just quit. SEC Charges Oregon-Based Investment Group and Executives With 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? 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. 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. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 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. 0. A .gov website belongs to an official government organization in the United States. Redmond adviser caught in Oregon firm's $600M financial collapse Brian received a Bachelor of Science degree from Oregon State University. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman.
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