Government summarized charges and terms of plea agreement. 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. 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. II. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. 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. There was the commercial lender. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. 2 executive Brian Oliver pleaded guilty to the same charges in April. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . I have really enjoyed working with Seth, Brian and the Cathedral team. | Advertising Defendant proceeds as named. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 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. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. All material subject to strictly enforced copyright laws. PORTLAND, Ore.U.S. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 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. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. The Oregonian first reported the criminal charges and guilty plea. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. A .gov website belongs to an official government organization in the United States. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. Defendant sworn and examined. 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. Brian Oliver, Aequitas Capital's longtime No. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. 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. (kms) (Entered: 04/19/2019), Home It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. 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. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. 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. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 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 | Recent Lawyer Listings They've got that too. 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 But this one was worse. MacRitchie was the companys executive vice president and chief compliance officer. 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. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. 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. Lock 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. 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. Have a question about Government Services? Former Aequitas Owner and Executive Vice President . Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. If you need help with finances, they've got that covered. Secure .gov websites use HTTPS If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Brian received a Bachelor of Science degree from Oregon State University. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. SEC charges advisor over Aequitas conflicts of interest. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. The company had three policies each for $5 million of coverage. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Luminaries from the downtown business establishment wanted to join the team. 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. Aequitas also had tentacles spread throughout the RIA world. He was even on the board of the Arlington Club. YouTubes privacy policy is available here and YouTubes terms of service is available here. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. | Link Errors They agreed to plead guilty and cooperate with the government.. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Learn more about reprints and licensing for this article. A locked padlock Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 1000 SW Third Ave Suite 600 It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Attorneys for the District of Oregon. Have a question about Government Services? 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. 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 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. Ledger left the company in 2005 in a highly controversial and public way. 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. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. By early January 2016, Aequitass general counsel advised Gillis and other executives that the company would soon default on payments due to Private Note investors, causing an event of default on Aequitass loan agreement with Wells Fargo. | Articles He argues he needs the money to help defray losses suffered by Aequitas investors. Seven years ago, it was easy to believe in Aequitas. Accounting giant Deloitte, stock trader T.D. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 2023 RIA Intel, an Institutional Investor Publication. They are also prohibited from violating the SECs antifraud provisions. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. Court finds defendant capable and competent to enter plea. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Email USAO-OR. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . (See separate order.) Worse, regulators from the U.S. Consumer Financial Protection Bureau and the state Department of Justice began taking a hard look at the colleges agreement with Aequitas. In a divorce settlement filed with the court, it's. He is scheduled to be sentenced on Aug. 5. The firm purchased or invested in other financial firms, many of them glorified debt collectors. A locked padlock A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 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 Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. PORTLAND, Ore.U.S. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. Jesenik also must pay a civil penalty of $625,000. 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? Marketing? 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 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..
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