Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Cookie Settings/Do Not Sell My Personal Information. 1000 SW Third Ave Suite 600 They've got that too. 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. 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 high-interest loans were terrible for students. Seven years ago, it was easy to believe in Aequitas. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Its been a long time coming, Kayser said. ) or https:// means youve safely connected to the .gov website. Oliver is the 25% owner of Aequitas Management and an Executive Vice President of the Entity Defendants. 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. 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 There was the motorcycle leasing company. Defendant waived reading of the Information. 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. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 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. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. 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. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. They hurt a whole lot of people.. 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. 1000 SW Third Ave Suite 600 Brians experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. One of Aequitas biggest moneymakers disappeared almost overnight. Accounting giant Deloitte, stock trader T.D. They are also prohibited from violating the SECs antifraud provisions. Main Office: 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. Marketing? 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. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. Scott Bradford is the lead prosecutor on the case. In a divorce settlement filed with the court, it's. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. Learn more about reprints and licensing for this article. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. 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 Gillis was the second Aequitas chief financial officer. 0. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 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. He argues he needs the money to help defray losses suffered by Aequitas investors. Reset here, 1999 - 2023 citywire.com. 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. 2023 InvestmentNews LLC. Attorneys for the District of Oregon. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. | Link Errors Longtime Aequitas No. MacRitchie oversaw all Aequitas accounting, legal, and audit functions, and participated in fundraising. 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. 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) 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. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. According to court documents, Jesenik, Gillis, MacRitchie, Rice, and others used the Lake Oswego 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. Waiver of indictment signed and accepted by the Court. They agreed to plead guilty and cooperate with the government.. (See separate order.) 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. Scott Gillis, 66, from the securities industry for their roles in a scheme that bilked hundreds of millions from investors. Main Office: Greenspan uncovered a remarkable email exchange between Aequitas co-founder Brian Oliver and Andrew MacRitchie, the firm's one-time chief compliance officer, which seems to indicate they were. Attorneys for the District of Oregon. 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. 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, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. In a separate proceeding, the SEC barred the three from the securities industry. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. MacRitchie was the companys executive vice president and chief compliance officer. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. ) or https:// means youve safely connected to the .gov website. Court finds guilty pleas to be knowing and voluntary. 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? Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. The firm purchased or invested in other financial firms, many of them glorified debt collectors. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. 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. Investors had been bilked out of hundreds of millions of dollars, the SEC said. 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. By late 2015, Aequitas was suffering one of its periodic cash flow crises. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. 1000 SW Third Ave Suite 600 With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. There are also questions about whether Jesenik and other defendants spent the money appropriately. 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.
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