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Attorneys for the District of Oregon. Brian A. Oliver, a former owner and executive vice president of Aequitas Management, LLC and several other Aequitas-related companies pleaded guilty to conspiring to commit mail and wire fraud and money laundering. But it appears they are far from done. A lock ( 2023 Advance Local Media LLC. It is believed that since he was ousted from Aequitas, Jesenik has been. | Link Errors 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. 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. Another was a utility executive who helped change Portlands business landscape. 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! A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. ORDER Defendant released on previous conditions. 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. A lock ( The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Investment adviser: Aequitas lied to investors | The Seattle Times Aequitas did make legitimate investments. Oliver is the first former Aequitas Capital executive to be criminally charged. He is scheduled to be. 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. In April, Brian Oliver, Aequitas. Claim Data and Trends - EPIC Insurance Brokers & Consultants On March 10, 2016, the Securities and Exchange Commission (" SEC ") filed a complaint in this Court against the Entity Defendants 1 and three individual defendants, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis. Government summarized charges and terms of plea agreement. As U.S. Judge Magistrate Paul Papak noted in an October 2017 ruling, at that point 61 percent of the defense cost payments went to Jeseniks lawyers. 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. 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. 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.. 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. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . 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. An official website of the United States government. District of Oregon | Former Aequitas Owner and Executive Vice President Email USAO-OR. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. They also have people who have helped raise money and sell businesses so they can help with that too. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. B. But they made good money for Aequitas and its investors. 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. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Oliver, former second-in-command at Aequitas, pleads guilty to fraud He pled guilty but has not yet been sentenced. A .gov website belongs to an official government organization in the United States. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Secure .gov websites use HTTPS Have a question about Government Services? Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. Its been a long time coming, Kayser said. Ledger left the company in 2005 in a highly controversial and public way. There was the motorcycle leasing company. Some money from new investors was allegedly used to pay earlier investors PORTLAND, Ore.U.S. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL Court orders Aequitas to disgorge $453 million in fraud case Rice served as Aequitass executive vice president and president of wealth management. Share sensitive information only on official, secure websites. I have really enjoyed working with Seth, Brian and the Cathedral team.. 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 . In addition, it said Gillis agreed to be permanently suspended from appearing and practicing before the SEC as an accountant and cannot work as an auditor for pubic companies. 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. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. A .gov website belongs to an official government organization in the United States. ORDER granting the Government's oral motion to unseal the case. Secure .gov websites use HTTPS 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. | Privacy Statement. Investors had been bilked out of hundreds of millions of dollars, the SEC said. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. But prosecutors allege the Aequitas executives lied about the firms financial performance. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. 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. Have a question about Government Services? The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Gillis was the second Aequitas chief financial officer. A lock ( SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. A locked padlock Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. The Government does not seek detention and Defendant is released on conditions. Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive Attorneys for the District of Oregon. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. If you need help with finances, they've got that covered. It was actually a giant Ponzi scheme, they said, in which the company relied on money from new investors to repay the old. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. All three are permanently barred from the securities industry. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. Rice included in his court filings a copy of an April 23 letter from the U.S. Attorneys office in Portland informing him that you are a subject of a federal criminal investigation concerning fraud that occurred at Aequitas.. Attorney Billy J. Williams announced today that Olaf Janke, a former owner and chief financial officer of Aequitas Management, LLC and several other Aequitas-owned entities, has pleaded guilty to conspiring to commit mail and wire fraud and money laundering. 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. 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. Re: United States of America v. Brian A. Oliver - MoreLaw Seven years ago, it was easy to believe in Aequitas. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. PDF United States of America Securities and Exchange Commission Investment Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. (See separate order.) Bob Jesenik has not been criminally charged. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco.
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