Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. 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. Some money from new investors was allegedly used to pay earlier investors This is a company that talked a woman into investing nearly her entire retirement nest-egg -- about half-a-million dollars - in October 2015, Kayser said. Claim Data and Trends - EPIC Insurance Brokers & Consultants Aequitas also had tentacles spread throughout the RIA world. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. But it appears they are far from done. 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. There was no more hiding the fact that Aequitas was broke. More Local News to Love Start today for 50% off Expires 3/6/23. 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. Share sensitive information only on official, secure websites. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. ORDER Presentence Report to be prepared by U.S. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. MacRitchie was ScottishPowers point man in its efforts to buy Pacificorp and served as an executive vice president there. Portland, Oregon 97204 Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. The new indictments bring to six the number of former Aequitas executives charged with defrauding investors. 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. Former Aequitas Owner and Executive Vice President . Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. | Store Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Former Aequitas CEO and Senior Executives Indicted in Fraud and Money Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Share sensitive information only on official, secure websites. There are also questions about whether Jesenik and other defendants spent the money appropriately. He argues he needs the money to help defray losses suffered by Aequitas investors. Rice headed Key Bank in Oregon for 12 years. He pled guilty but has not yet been sentenced. 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. 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. He is scheduled to be. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. 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. 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. | Advertising Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Jesenik will have to pay $1.57 million in disgorgement, interest and penalties, while Oliver will pay $235,928 in disgorgement and interest, and Gillis will pay a $300,000 civil penalty. Brian received a Bachelor of Science degree from Oregon State University. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. It began to default on the interest payments owed its legion of mom and pop investors. 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. Aequitas Capital No. 2 Brian Oliver pleads guilty to criminal charges Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. 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Oliver. It is free to register and only takes a minute or two. 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. Plea Petition and Plea Agreement signed and accepted by the Court. 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). Brian Oliver - Technical Specialist - BCX | ZoomInfo Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. PDF Former Aequitas Owner and Executive Vice President Pleads Guilty - DOL SEC Charges Oregon-Based Investment Group and Executives With Court orders Aequitas to disgorge $453 million in fraud case Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". 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. Aequitas Management, LLC, et al. (Release No. LR-23485; March 11, 2016) Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Luminaries from the downtown business establishment wanted to join the team. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Oliver was the companys primary fundraiser and shared responsibility for the operation and management of Aequitas-affiliated companies and investment products as well as for the use of investor money. The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. District of Oregon | Former Aequitas Owner and Chief Financial Officer 2023 Advance Local Media LLC. 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. Reset here, 1999 - 2023 citywire.com. They are also prohibited from violating the SECs antifraud provisions. Main Office: The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. (chso). He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas There was the motorcycle leasing company. SEC Posts Notice of Covered Action Regarding Case Against Aequitas 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. PDF United States of America Securities and Exchange Commission Investment Ledger left the company in 2005 in a highly controversial and public way. In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. 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. Lock Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. The firm was growing quickly, it did business with some of the best-known investment advisors in the country, it claimed to have more than $1 billion under management. Collectively, the defendants also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use of investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. U.S. Attorney's Office, District of Oregon, Former Aequitas Senior Executive and Chief Financial Officer Pleads Guilty to Making False Statements to a Creditor, 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 Senior Executive and Chief Financial Officer Pleads Guilty To Making False Statements To a Creditor. I have really enjoyed working with Seth, Brian and the Cathedral team.. 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. 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. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Secure .gov websites use HTTPS Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. | Sign In, Verdict Corrections 2023 RIA Intel, an Institutional Investor Publication. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. PORTLAND, Ore.U.S. 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. They also have people who have helped raise money and sell businesses so they can help with that too. The company's general counsel just quit. Sam Kauffman is MacRitchies attorney. 3 Executives of Aequitas Management LLC Charged for Fraud 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. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. All rights reserved (About Us).
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