Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. But much of that money has already been spent. But prosecutors allege the Aequitas executives lied about the firms financial performance. [More: Aequitas meltdown underscores the importance of due diligence, caution]. They also have people who have helped raise money and sell businesses so they can help with that too. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Jesenik, a former resident of West Linn, Oregon, is charged in a 32-count indictment with conspiracy to commit mail and wire fraud, wire fraud, bank fraud, and money laundering. 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An official website of the United States government. Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. More Local News to Love Start today for 50% off Expires 3/6/23. II. 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. On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . 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. Then Corinthian went bankrupt. RIA Intel is part of Delinian. 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 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. Longtime Aequitas No. 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. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Attorneys for the District of Oregon. The company's general counsel just quit. ORDER Presentence Report to be prepared by U.S. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Defendant sworn and examined. 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. 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. In anticipation of the institution of these proceedings, Respondent has submitted an Offer . They also have people who have helped raise money and sell businesses so they can help with that too. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. If you need help with finances, they've got that covered. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. 1000 SW Third Ave Suite 600 Aequitas specialized in debt. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. 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. Brian has been a Senior Advisor with Cathedral Consulting since 2017. Aequitas also had tentacles spread throughout the RIA world. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. 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 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. Luminaries from the downtown business establishment wanted to join the team. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. | Advertising Ledger left the company in 2005 in a highly controversial and public way. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. (chso). Its been a long time coming, Kayser said. Other funds went to pay their salaries. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. 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. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 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. The Oregon firm thought it had hit the motherlode when it got into the college debt business. The company had three policies each for $5 million of coverage. 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. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Aequitas Management, the Oregon-based RIA accused in 2016 of running a massive Ponzi-like scheme, and its top executives have finally settled with the Securities and Exchange Commission. (Entered: 04/19/2019) If you purchase a product or register for an account through one of the links on our site, we may receive compensation. All material subject to strictly enforced copyright laws. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. Secure .gov websites use HTTPS Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. It began to default on the interest payments owed its legion of mom and pop investors. They agreed to plead guilty and cooperate with the government.. Some money from new investors was allegedly used to pay earlier investors Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. 0. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. 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. | Link Errors A .gov website belongs to an official government organization in the United States. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Email USAO-OR. 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. More Local News to Love Start today for 50% off Expires 3/6/23. 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). Have a question about Government Services? MacRitchie, the former utility executive, was the picture of respectability. Gillis was the second Aequitas chief financial officer. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. All Rights Reserved. They hurt a whole lot of people.. All rights reserved (About Us). Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. B. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Bob Jesenik and Brian Oliver, the long-time chief executive and second-in-command at the Lake Oswego financial firm, said any misstatements they may have made to investors were simply. 2023 InvestmentNews LLC. There was the motorcycle leasing company. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. They are also prohibited from violating the SECs antifraud provisions. 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. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Defendant advised of rights. A lock ( The Government does not seek detention and Defendant is released on conditions. Also charged are Nelson Scott Gillis, 67, of Lake Oswego, Oregon; Brian K. Rice, 54, of Portland; and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. Attorneys for the District of Oregon. Defendant advised of rights. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. 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. 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 court also required Robert J. Jesenik, the firms former CEO, and Brian A. Oliver, its former executive vice president, to pay $940,806 and $235,928, respectively, in disgorgement and interest. Government summarized charges and terms of plea agreement. 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. Main Office: Plus, three other Aequitas defendants former second-in-command Brian Oliver and N. Scott Gillis and Olaf Janke, former Aequitas chief financial officers have pleaded guilty to fraud and. Lock If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Seven years ago, it was easy to believe in Aequitas. Main Office: 1000 SW Third Ave Suite 600 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. (Tape #FTR-9B) (gw) (Entered: 04/19/2019)

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