brian oliver, aequitas
SEC charges advisor over Aequitas conflicts of interest. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. They agreed to plead guilty and cooperate with the government. SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle 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 A lock ( Main Office: Aequitas specialized in debt. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. 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. Email USAO-OR. He is scheduled to be. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 2023 InvestmentNews LLC. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) 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. Please sign in or register to comment. 2 executive Brian Oliver pleaded guilty to the same charges in April. Re: United States of America v. Brian A. Oliver - MoreLaw Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. ORDER Presentence Report to be prepared by U.S. Marketing? The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. 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.. 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). A lock ( 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Rice served as Aequitass executive vice president and president of wealth management. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Main Office: (1) Defendant advised of rights. 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 . By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. 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. Investment adviser: Aequitas lied to investors, hid - oregonlive Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Scott Bradford is the lead prosecutor on the case. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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 All material subject to strictly enforced copyright laws. He argues he needs the money to help defray losses suffered by Aequitas investors. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. SEC Posts Notice of Covered Action Regarding Case Against Aequitas 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. 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. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 1000 SW Third Ave Suite 600 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 By the time Corinthian filed for bankruptcy and students went on strike refusing to pay their loans some 75% of the receivables of the Aequitas notes came from the for-profit scam, according to RIA Intels first story on Aequitas. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 1000 SW Third Ave Suite 600 More Local News to Love Start today for 50% off Expires 3/6/23. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Marketing? Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. They agreed to plead guilty and cooperate with the government.. 13. 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. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) Official websites use .gov The Oregonian first reported the criminal charges and guilty plea. 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. 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. President, Cathedral Finance|Senior Advisor. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. ORDER Defendant released on previous conditions. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. SEC bars Aequitas execs after $540m judgement against Oregon firm According to a Complaint filed on March 10, 2016 in Oregon federal district court, the SEC has brought claims against Aequitas Management, LLC (CRD# 143780/SEC# 801-68039) and three Aequitas executives, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis for defrauding investors and for a breach of fiduciary duties. In a separate proceeding, the SEC barred the three from the securities industry. Until now, Rice and MacRitchie have faced minimal legal expenses. 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. Investors agree to $234.6M in settlements in Aequitas was - Portland 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. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. Former Aequitas CEO testifies in divorce trial Other funds went to pay their salaries. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. They are also prohibited from violating the SECs antifraud provisions. A locked padlock District of Oregon | Former Aequitas Owner and Chief Financial Officer From June 2014 through February 2016, Oliver and others 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. PORTLAND, Ore.U.S. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. Portland, Oregon 97204 Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Not guilty pleas and denial of forfeiture allegation entered. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. 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 Community Rules apply to all content you upload or otherwise submit to this site. Subsequent reports detailed Aequitas default on its debt, the resulting panic among investors, the secret conflicts, and the firms strange cultural mashup -- part Wall Street investment bank, part frat party, part Bible class. 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! 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. There was the motorcycle leasing company. It began to default on the interest payments owed its legion of mom and pop investors. They remain active in their local church as well as volunteer with several other local non-profits, and in their leisure time enjoy hiking and camping in their travel trailer when not otherwise spending time with their two adult children. ORDER granting the Government's oral motion to unseal the case. Cookie Settings/Do Not Sell My Personal Information. If convicted on all charges, each of the defendants could face decades in prison and millions of dollars in fines and restitution, as well as five years supervised release following their prison terms. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 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. He was even on the board of the Arlington Club. The high-interest loans were terrible for students. 2023 RIA Intel, an Institutional Investor Publication. 2020 update: Aequitas investors recoup some money. They've got that too. Waiver of indictment signed and accepted by the Court. Official websites use .gov Defendant sworn and examined. ) or https:// means youve safely connected to the .gov website. 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Redmond adviser caught in Oregon firm's $600M financial collapse Owler Reports - KCC: Aequitas Capital No. 2 Brian Oliver pleads guilty 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. But they made good money for Aequitas and its investors. Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting Attorneys in Aequitas Capital fraud case spar over Oregon regulator who 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. Gillis was the second Aequitas chief financial officer. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. In April, Brian Oliver, Aequitas. Learn more about reprints and licensing for this article. Longtime Aequitas No. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. Brian received a Bachelor of Science degree from Oregon State University. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit.