1000 SW Third Ave Suite 600
Aequitas Settles With SEC for $540 Million as Three Top - RIAIntel Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. 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. 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? 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. Defendant advised of rights. 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. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. Sentencing for No. 2 Aequitas executive Brian Oliver moved to February This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. Not guilty pleas and denial of forfeiture allegation entered. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . Aequitas did make legitimate investments. Learn more about reprints and licensing for this article. ORDER Defendant released on previous conditions. From June 2014 through February 2016, the former executives solicited investors by misrepresenting the companys use of investor money, the financial health and strength of Aequitas and its related companies, and the risks associated with its investments and investment strategies. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. 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. Main Office:
Redmond adviser caught in Oregon firm's $600M financial collapse Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. PORTLAND, Ore.U.S. 1000 SW Third Ave Suite 600
As Aequitas grew, its profile in the community also increased. 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. Court finds guilty pleas to be knowing and voluntary. By late 2015, Aequitas was suffering one of its periodic cash flow crises. A locked padlock Secure .gov websites use HTTPS Sentencing materials are due no later than 7/31/2019. The company's general counsel just quit. Oliver is the first former Aequitas Capital executive to be criminally charged. 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. The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. If you missed the last issue of InvestmentNews, you can access it here. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Please E-mail suggested additions, comments and/or corrections to Kent@MoreLaw.Com. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. Bob Jesenik, three other former Aequitas executives - Oregonlive Defendant proceeds as named. | Store District of Oregon | Former Aequitas Owner and Executive Vice President No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Brian and his wife of 30 years live in Aurora, Oregon where they raised their family. Secure .gov websites use HTTPS 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. Cookie Settings/Do Not Sell My Personal Information. Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. He pled guilty but has not yet been sentenced. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. Brian Mariash, James Lowther and their team will operate as Mariash Lowther Wealth Management in Sarasota, Florida. Deloitte Is Finally Finished with That Whole Aequitas Investors Lawsuit Some money from new investors was allegedly used to pay earlier investors 2020 update: Aequitas investors recoup some money. Brian A Oliver, Aequitas Capital Mgmt Inc: Profile and Biography He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. Court orders Aequitas to disgorge $453 million in fraud case 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). SEC files Complaint against Aequitas Management - Fishman Haygood PORTLAND, Ore.U.S. Have a question about Government Services? Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. Former Aequitas CEO testifies in divorce trial There was the commercial lender. Gillis was the second Aequitas chief financial officer. They've got that too. 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. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added.
(Tape #FTR-9B) (gw) (Entered: 04/19/2019) 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. (1) Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). Seven years ago, it was easy to believe in Aequitas. 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. Then Corinthian went bankrupt. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. SEC charges advisor over Aequitas conflicts of interest. (kms) (Entered: 04/19/2019), Home His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. They agreed to plead guilty and cooperate with the government. Brian Oliver - Senior Advisor & President, Cathedral Finance Its been a long time coming, Kayser said. 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. Mitsubishi Signs $1.9b Commuter Rail Deal With Manila: Nikkei, AllianceBernstein Wins China Approval to Set Up Mutual Fund Unit, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, US Service Sector Expands More Than Forecast Suggesting Hiring Success, VW Will Build a $2 Billion Electric Truck and SUV Plant in South Carolina, Saudi Wealth Fund in Talks to Buy Rocco Forte Hotels Stake, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, SoftBanks Son to Join Modi at Oyo Founders Wedding Gala, US-Sanctioned Huawei Makes a Show of Force at Mobile Conference, Hong Kong Court Convicts Activists Behind Tiananmen Vigil, Bidens About-Face on DC Crime Bill Shows Democrats on Defensive, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, NYC TikTok Dating Diary Chronicles Love in the Time of Inflation, Tom Sizemore, 'Saving Private Ryan' actor, dies at 61, AP Says, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Video Roundup: Opinions Must-See Footage of the Week, How Democrats Got Away From Third Way Politics, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, Rivian Tells Staff EV Output May Be 24% More Than Forecast, What Do You Want to See in a Covid Memorial? 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. PORTLAND, Ore.U.S. But prosecutors allege the Aequitas executives lied about the firms financial performance. Please sign in or register to comment. YouTubes privacy policy is available here and YouTubes terms of service is available here.