A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. It is believed that since he was ousted from Aequitas, Jesenik has been. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Brian A. Oliver, age 51, resides in Aurora, Oregon. Portland, Oregon 97204 A federal grand jury in the District of Oregon returned an indictment today charging four founders of Forsage, a purportedly decentralized finance (DeFi) cryptocurrency investment platform, for their roles in On February 6, 2023, a Russian cryptocurrency money launderer previously extradited from the Netherlands to face charges in the District of Oregon pleaded guilty in federal court. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Learn more about reprints and licensing for this article. If you need help with finances, they've got that covered. 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. Forgot your password? Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. 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. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. As Aequitas grew, its profile in the community also increased. Cookie Settings/Do Not Sell My Personal Information. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Waiver of indictment signed and accepted by the Court. An official website of the United States government. II. There are also questions about whether Jesenik and other defendants spent the money appropriately. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. 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Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 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? An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. ORDER Defendant released on previous conditions. Defendant waived reading of the Information. Jesenik also must pay a civil penalty of $625,000. Portland, Oregon 97204 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. Portland, Oregon 97204 ) or https:// means youve safely connected to the .gov website. Sentencing materials are due no later than 7/31/2019. Its been a long time coming, Kayser 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. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. RIA Intel is part of Delinian. 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. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Share sensitive information only on official, secure websites. Another was a utility executive who helped change Portlands business landscape. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Lock In April, Brian Oliver, Aequitas. He is scheduled to be. 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. 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. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. He declined to comment. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. A federal grand jury in the District of Oregon returned an indictment today charging four founders of Forsage, a purportedly decentralized finance (DeFi) cryptocurrency investment platform, for their roles in On February 6, 2023, a Russian cryptocurrency money launderer previously extradited from the Netherlands to face charges in the District of Oregon pleaded guilty in federal court. 2023 InvestmentNews LLC. Main Office: Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. 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). Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 13. 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. According to court documents, Oliver, 54, of Aurora, Oregon, and unnamed co-conspirators used the Lake Oswego, Oregon, based 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. 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 Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. A lock ( Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. It began to default on the interest payments owed its legion of mom and pop investors. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Guilty pleas entered as to Counts 1 and 2 of the Information. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Defendant advised of rights. PORTLAND, Ore.U.S. 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. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. | Recent Lawyer Listings PORTLAND, Ore.U.S. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. The company's general counsel just quit. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. The SEC alleges that CEO Robert J. Jesenik and executive vice president Brian A. Oliver were well aware of the firm's dire financial status but continued to solicit hundreds of millions of dollars in investments to stave off the firm's complete collapse. 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. Government summarized charges and terms of plea agreement. In a divorce settlement filed with the court, it's. The company opened slick new offices in New York City. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Aequitas specialized in debt. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. Main Office: His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Ledger left the company in 2005 in a highly controversial and public way. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Rice headed Key Bank in Oregon for 12 years. 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. Lock This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 2 executive Brian Oliver pleaded guilty to the same charges in April. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. 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. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. He pled guilty but has not yet been sentenced. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Former Aequitas executives and co-conspirators Brian A. Oliver and Olaf Janke previously pleaded guilty to conspiring to commit mail and wire fraud and money laundering on April 19, 2019, and June 10, 2019, respectively. 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. YouTubes privacy policy is available here and YouTubes terms of service is available here. Get started today before this once in a lifetime opportunity expires. They both opted not to talk. 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. 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.
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