| Link Errors There was the commercial lender. 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. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. He argues he needs the money to help defray losses suffered by Aequitas investors. SEC bars Aequitas execs after $540m judgement against Oregon firm In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 1000 SW Third Ave Suite 600 SEC Posts Notice of Covered Action Regarding Case Against Aequitas (1) Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. 3 Executives of Aequitas Management LLC Charged for Fraud Portland, Oregon 97204 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. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Investment adviser: Aequitas lied to investors, hid - oregonlive He pled guilty but has not yet been sentenced. PDF United States of America Securities and Exchange Commission Investment The Government does not seek detention and Defendant is released on conditions. An official website of the United States government. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) A .gov website belongs to an official government organization in the United States. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. 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. 0. The Oregon firm thought it had hit the motherlode when it got into the college debt business. As part of the plea agreement, Oliver has agreed to pay restitution in full to each of victims as determined and ordered by the court. Court finds guilty pleas to be knowing and voluntary. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 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). Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. Community Rules apply to all content you upload or otherwise submit to this site. Portland, Oregon 97204 This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Brian Oliver - Senior Advisor & President, Cathedral Finance More Local News to Love Start today for 50% off Expires 3/6/23. An official website of the United States 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. Investment adviser: Aequitas lied to investors | The Seattle Times Aequitas did make legitimate investments. An official website of the United States government. 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. | Advertising All rights reserved (About Us). They hurt a whole lot of people.. Another was a utility executive who helped change Portlands business landscape. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. (chso). He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Have a question about Government Services? Once a high-flying Lake Oswego . Not guilty pleas and denial of forfeiture allegation entered. If you need help with finances, they've got that covered. 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. ) or https:// means youve safely connected to the .gov website. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. 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. Jesenik also must pay a civil penalty of $625,000. 04/19/2019 10 Minutes of Proceedings: First Appearance on Information and Arraignment held before Magistrate Judge Stacie F. Beckerman as to Defendant Brian A. Oliver on 4/19/2019. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. 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? 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Claim Data and Trends - EPIC Insurance Brokers & Consultants On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. 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 company's general counsel just quit. Nelson Scott Gillis, 69, of Lake Oswego, Oregon, pleaded guilty to one count of making a false statement to a bank. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. In April, Brian Oliver, Aequitas. 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. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. But it appears they are far from done. Brian Oliver, Aequitas Capital's longtime No. He committed suicide in an attempt to hide . Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Investors had been bilked out of hundreds of millions of dollars, the SEC said. 2023 RIA Intel, an Institutional Investor Publication. (Entered: 04/19/2019) 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 Scott E. Bradford and Ryan W. Bounds, Assistant U.S. II. Gillis was the second Aequitas chief financial officer. Then Corinthian went bankrupt. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. They both opted not to talk. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL Aequitas also had tentacles spread throughout the RIA world. PORTLAND, Ore.U.S. But prosecutors allege the Aequitas executives lied about the firms financial performance. Re: United States of America v. Brian A. Oliver - MoreLaw They are also prohibited from violating the SECs antifraud provisions. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Aequitas Capital Management Lawsuit - Law Meg Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle It was the beginning of the end for the high-flying company. All rights reserved (About Us). He is scheduled to be sentenced on Aug. 5. 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They also have people who have helped raise money and sell businesses so they can help with that too. I have really enjoyed working with Seth, Brian and the Cathedral team.. It is free to register and only takes a minute or two. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. In a separate proceeding, the SEC barred the three from the securities industry. Reset here, 1999 - 2023 citywire.com. (kms) (Entered: 04/19/2019), Home SEC files Complaint against Aequitas Management - Fishman Haygood This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. By late 2015, Aequitas was suffering one of its periodic cash flow crises. That has changed as the criminal case nears the indictment stage. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. If you need help with finances, they've got that covered. 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. 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.. Main Office: Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland.