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Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Secure .gov websites use HTTPS Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. RIA Intel is part of Delinian. As part of the final consent judgment, the defendants are prohibited from soliciting anyone to purchase or sell a security and prohibiting them from participating in the issuance, offer, or sale of any security of an entity they control, the SECs release stated. It is believed that since he was ousted from Aequitas, Jesenik has been working for a company founded by his son: KCR Advisors LLC, based in Viero Beach, Fla. An earlier indictment against Gillis will be dismissed.
Oliver, former second-in-command at Aequitas, pleads guilty to fraud Official websites use .gov Reset here, 1999 - 2023 citywire.com. Defendant waived reading of the Information. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board.
Investors agree to $234.6M in settlements in Aequitas was - Portland The company's general counsel just quit. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses.
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Attorneys in Aequitas Capital fraud case spar over Oregon regulator who Its not just the amount of insurance money that went to Jesenik that concerns the receiver. It is free to register and only takes a minute or two. 1000 SW Third Ave Suite 600
Much of the cash went to make the payments owed to other investors.
Sam Kauffman is MacRitchies attorney. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. Community Rules apply to all content you upload or otherwise submit to this site. As part of their plea agreements, they have both agreed to pay restitution in full to their victims as determined and ordered by the court. Gillis was charged alongside former Aequitas CEO Robert J. Jesenik, 62, of West Linn, Oregon, and former Aequitas executives Brian K. Rice, 55, of Portland, and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. A locked padlock Brian received a Bachelor of Science degree from Oregon State University. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. One of Aequitas biggest moneymakers disappeared almost overnight. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. A .gov website belongs to an official government organization in the United States. I have really enjoyed working with Seth, Brian and the Cathedral team.. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. Secure .gov websites use HTTPS Attorney Billy J. Williams announced today that Robert J. Jesenik, 61, a former chief executive officer of Aequitas Management, LLC and several other Aequitas-owned entities, has been indicted along with three other former company executives for their roles in a fraud and money laundering conspiracy. The Oregonian first reported the criminal charges and guilty plea.
Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Plea Petition and Plea Agreement signed and accepted by the Court. Worse, regulators from the U.S. Consumer Financial Protection Bureau and the state Department of Justice began taking a hard look at the colleges agreement with Aequitas. They also have people who have helped raise money and sell businesses so they can help with that too. | Privacy Statement. Counsel Present for Defendant: Whitney Boise, Kendra Matthews.
District of Oregon | Former Aequitas Owner and Executive Vice President He is scheduled to be. 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. 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. (Entered: 04/19/2019) 2 executive Brian Oliver pleaded guilty to the same charges in April. 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. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. PORTLAND, Ore.U.S. Rice headed Key Bank in Oregon for 12 years. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges.
Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. PORTLAND, Ore.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. In a separate proceeding, the SEC barred the three from the securities industry. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. They've got that too. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,.
Brian Oliver - Technical Specialist - BCX | ZoomInfo It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. 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. He is scheduled to be sentenced on Aug. 5. 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). Youve missed the point, Anxiety over tax refunds on the rise, Bankrate.com study shows, Gensler steps up warnings to money managers. Some money from new investors was allegedly used to pay earlier investors Gillis was the second Aequitas chief financial officer. A lock ( Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014.
Aequitas execs deny wrongdoing, cite 'corporate optimism' - oregonlive The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets.
Brian Oliver - Senior Business Advising Specialist - Cathedral Consulting B. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. 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. 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.. 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? 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. He declined to comment. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds.
They also have people who have helped raise money and sell businesses so they can help with that too. Luminaries from the downtown business establishment wanted to join the team. Portland, Oregon 97204
04/19/2019 14 Plea Petition and Order Entering Plea as to Defendant Brian A. Oliver. He was even on the board of the Arlington Club. In what could be the largest settlement of a securities lawsuit in Oregon history, settlements of at least $234.6 million have been secured for some 1,600 investors in a class action against third. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. 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. II. An official website of the United States government. Sentencing materials are due no later than 7/31/2019. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. Probation. There was the motorcycle leasing company. Another was a utility executive who helped change Portlands business landscape. Learn more about reprints and licensing for this article.
Claim Data and Trends - EPIC Insurance Brokers & Consultants Lock 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) Brian has been a Senior Advisor with Cathedral Consulting since 2017. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. 13. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. They agreed to plead guilty and cooperate with the government. 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. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. 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! This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. 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. PORTLAND, Ore.U.S. It was the beginning of the end for the high-flying company. 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. Defendant sworn and examined. The company's general counsel just quit. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Longtime Aequitas No. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. More Local News to Love Start today for 50% off Expires 3/6/23. A locked padlock 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. Portland, Oregon 97204
ORDER granting the Government's oral motion to unseal the case. Ledger left the company in 2005 in a highly controversial and public way. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Have a question about Government Services? In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions.
Janke becomes second Aequitas executive to plead guilty; could get All three are permanently barred from the securities industry. Share sensitive information only on official, secure websites. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . As Aequitas grew, its profile in the community also increased. Jesenik also must pay a civil penalty of $625,000. Attorneys for the District of Oregon. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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. | Editor MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. I have really enjoyed working with Seth, Brian and the Cathedral team. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. 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? 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. | Store Defendant advised of rights.
There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. 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.
Brian Oliver - Senior Advisor & President, Cathedral Finance Former Aequitas CEO and Senior Executives Indicted in Fraud and Money 1000 SW Third Ave Suite 600
Brian provides Cathedral particular expertise in leading Merger & Acquisition transactions and arranging Corporate Finance solutions for its clients, after having been involved in extensive transactions of all sizes throughout his career. 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. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Investors had been bilked out of hundreds of millions of dollars, the SEC said. Main Office:
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. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. A .gov website belongs to an official government organization in the United States. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S.
Former Aequitas CEO testifies in divorce trial Investment adviser: Aequitas lied to investors | The Seattle Times Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. The high-interest loans were terrible for students. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of.