SEC bars Aequitas execs after $540m judgement against Oregon firm Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. The company's general counsel just quit. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Learn more about reprints and licensing for this article. In April, Brian Oliver, Aequitas. Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. He was even on the board of the Arlington Club. 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. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography He is scheduled to be sentenced on Aug. 5. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Attorneys for the District of Oregon. They also have people who have helped raise money and sell businesses so they can help with that too. In a separate proceeding, the SEC barred the three from the securities industry. 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. If you missed the last issue of InvestmentNews, you can access it here. Court: United States District Court for the District of Oregon (Multnomah County), Plaintiff's Attorney: Scott E. Bradford and Ryan W. Bounds, Defendant's Attorney: Kendra M. Matthews and Whitney Patrick Boise, 18:1341 and 18:1343 CONSPIRACY TO COMMIT MAIL AND WIRE FRAUD SEC Posts Notice of Covered Action Regarding Case Against Aequitas An official website of the United States government. 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). District of Oregon | Former Aequitas Owner and Executive Vice President 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. 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. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. They are also prohibited from violating the SECs antifraud provisions. Jesenik also must pay a civil penalty of $625,000. Email USAO-OR. SEC files Complaint against Aequitas Management - Fishman Haygood A locked padlock A lock ( It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. RIA Intel is part of Delinian. 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. Aequitas investors lost about $600 million after the collapse. 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. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. There was the motorcycle leasing company. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Cookie Settings/Do Not Sell My Personal Information. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas Rice acknowledged in court filings that he's a suspect in the case. Brian Oliver, Aequitas Capital's longtime No. Aequitas also had tentacles spread throughout the RIA world. Secure .gov websites use HTTPS 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Secure .gov websites use HTTPS 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 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. Defendant advised of rights. 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.. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) | Sign In, Verdict Corrections A .gov website belongs to an official government organization in the United States. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Official websites use .gov Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. One of Aequitas biggest moneymakers disappeared almost overnight. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. 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. They agreed to plead guilty and cooperate with the government.. 2020 update: Aequitas investors recoup some money. Guilty pleas entered as to Counts 1 and 2 of the Information. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC Prosecutors claim the Aequitas executives misled company investors about how their money was being used. B. District of Oregon | Former Aequitas Owner and Chief Financial Officer 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 But this one was worse. 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. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Aequitas Capital Management Lawsuit - Law Meg A locked padlock Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. 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. Once a high-flying Lake Oswego . Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Now both have been sucked into the criminal fraud investigation of the collapsed firm. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. An official website of the United States government. 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. Redmond adviser caught in Oregon firm's $600M financial collapse Attorneys for the District of Oregon. | Recent Lawyer Listings 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). Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. SEC charges advisor over Aequitas conflicts of interest. Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Main Office: | Link Errors Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. ORDER Defendant released on previous conditions. 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. The company's general counsel just quit. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Community Rules apply to all content you upload or otherwise submit to this site. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Court finds defendant capable and competent to enter plea. More Local News to Love Start today for 50% off Expires 3/6/23. Brian Oliver - Technical Specialist - BCX | ZoomInfo There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik.