| Privacy Statement. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Aequitas Capital Management Lawsuit - Law Meg 2020 update: Aequitas investors recoup some money. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. 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). They both opted not to talk. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. A locked padlock All Rights Reserved. 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. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Its been a long time coming, Kayser said. 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. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 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. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. 2023 Advance Local Media LLC. By late 2015, Aequitas was suffering one of its periodic cash flow crises. 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 Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. 2023 Advance Local Media LLC. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. He was the British honorary consul to Portland. Brian Oliver, Aequitas Capital's longtime No. Official websites use .gov Redmond adviser caught in Oregon firm's $600M financial collapse Email USAO-OR. 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. Please sign in or register to comment. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. Then Corinthian went bankrupt. 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. 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. Plea Petition and Plea Agreement signed and accepted by the Court. In April, Brian Oliver, Aequitas. 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. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. More Local News to Love Start today for 50% off Expires 3/6/23. Gillis was the second Aequitas chief financial officer. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. Aequitas did make legitimate investments. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 2023 InvestmentNews LLC. Luminaries from the downtown business establishment wanted to join the team. brian oliver, aequitas All rights reserved (About Us). Aequitas investors filed a $350 million class-action lawsuit in April 2016, less than a month after the SEC charged Aequitas Management LLC and four affiliates, as well as three executivesCEO Robert Jesenik, executive vice president Brian Oliver, and CFO and chief operating officer N. Scott Gilliswith hiding the deteriorating financial It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Defendant sworn and examined. The company opened slick new offices in New York City. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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. Sentencing materials are due no later than 7/31/2019. 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 There are also questions about whether Jesenik and other defendants spent the money appropriately. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Brian Oliver - Senior Advisor & President, Cathedral Finance District of Oregon Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Court orders Aequitas to disgorge $453 million in fraud case 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. There was the motorcycle leasing company. Main Office: Aequitas also had tentacles spread throughout the RIA world. Attorneys in Aequitas Capital fraud case spar over Oregon regulator who Probation. 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. 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. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. They agreed to plead guilty and cooperate with the government.. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". | Store ORDER Presentence Report to be prepared by U.S. The default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. They agreed to plead guilty and cooperate with the government. Defendant advised of rights. 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. Court finds guilty pleas to be knowing and voluntary. Marketing? I have really enjoyed working with Seth, Brian and the Cathedral team. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Other funds went to pay their salaries. Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty Attorneys for the District of Oregon. He pled guilty but has not yet been sentenced. [More: Aequitas meltdown underscores the importance of due diligence, caution]. ORDER Defendant released on previous conditions. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Have a question about Government Services? But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Bob Jesenik and Brian Oliver, the long-time chief executive and second-in-command at the Lake Oswego financial firm, said any misstatements they may have made to investors were simply. All three are permanently barred from the securities industry. B. It was the beginning of the end for the high-flying company. 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. | Sign In, Verdict Corrections Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Secure .gov websites use HTTPS The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Until now, Rice and MacRitchie have faced minimal legal expenses. 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Once a high-flying Lake Oswego . Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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. 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. MacRitchie was the companys executive vice president and chief compliance officer. A .gov website belongs to an official government organization in the United States. 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. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. If you missed the last issue of InvestmentNews, you can access it here. MacRitchie, the former utility executive, was the picture of respectability. 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. 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).
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