Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Secure .gov websites use HTTPS Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. A locked padlock This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. District of Oregon 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. 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 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. Seven years ago, it was easy to believe in Aequitas. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas 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. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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. RIA Intel is part of Delinian. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. 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. Rice served as Aequitass executive vice president and president of wealth management. All rights reserved (About Us). They also have people who have helped raise money and sell businesses so they can help with that too. 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 . 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.. 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. B. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING I have really enjoyed working with Seth, Brian and the Cathedral team.. Main Office: [More: Aequitas meltdown underscores the importance of due diligence, caution]. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Now both have been sucked into the criminal fraud investigation of the collapsed firm. In a divorce settlement filed with the court, it's. ) or https:// means youve safely connected to the .gov website. Accounting giant Deloitte, stock trader T.D. Luminaries from the downtown business establishment wanted to join the team. In what could be the largest settlement of a securities lawsuit in Oregon history, settlements of at least $234.6 million have been secured for some 1,600 investors in a class action against third. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. He pled guilty but has not yet been sentenced. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. PORTLAND, Ore.U.S. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Aequitas also had tentacles spread throughout the RIA world. The company had three policies each for $5 million of coverage. Have a question about Government Services? Defendant sworn and examined. Investors had been bilked out of hundreds of millions of dollars, the SEC said. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . An official website of the United States government. PORTLAND, Ore.U.S. PORTLAND, Ore.U.S. 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. More Local News to Love Start today for 50% off Expires 3/6/23. A lock ( Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Portland, Oregon 97204 Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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. 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. The high-interest loans were terrible for students. Defendant waived reading of the Information. Portland, Oregon 97204 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. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Oliver is the first former Aequitas Capital executive to be criminally charged. President, Cathedral Finance|Senior Advisor. More Local News to Love Start today for 50% off Expires 3/6/23. 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. 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. They've got that too. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. All Rights Reserved. (See separate order.) Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. He is scheduled to be. Once a high-flying Lake Oswego . Lock Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Until now, Rice and MacRitchie have faced minimal legal expenses. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 2023 Advance Local Media LLC. Defendant proceeds as named. (1) Government summarized charges and terms of plea agreement. Learn more about reprints and licensing for this article. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Ledger left the company in 2005 in a highly controversial and public way. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. 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. 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. 2023 RIA Intel, an Institutional Investor Publication. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Defendant advised of rights. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Brian has been a Senior Advisor with Cathedral Consulting since 2017. ORDER Defendant released on previous conditions. 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. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. He is scheduled to be sentenced on Aug. 5. 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. But this one was worse. 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. 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. The company's general counsel just quit. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 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. 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: Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Official websites use .gov Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 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. Signed on 4/19/2019 by Judge Michael W. Mosman. 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. Email USAO-OR. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Reset here, 1999 - 2023 citywire.com. U.S. Attorney's Office, District of Oregon, Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Laundering Conspiracy, 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 CEO and Senior Executives Indicted In Fraud and Money Laundering Conspiracy. 04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. | Editor They hurt a whole lot of people.. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. 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. Portland, Oregon 97204 Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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!
Dunn County News Police Beat,
Worst Schools In Ipswich,
Florida Panthers Ahl Team Roster,
Articles B