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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. Gillis, who was previously indicted for conspiring to submit false statements to a federally insured creditor, was the companys chief operating officer and chief financial officer. The Oregon firm thought it had hit the motherlode when it got into the college debt business. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Oliver is the first former Aequitas Capital executive to be criminally charged. The Government does not seek detention and Defendant is released on conditions. President, Cathedral Finance|Senior Advisor. Seven years ago, it was easy to believe in Aequitas. A .gov website belongs to an official government organization in the United States. Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs. B. 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. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. (kms) (Entered: 04/19/2019), Home In addition, it said Gillis agreed to be permanently suspended from appearing and practicing before the SEC as an accountant and cannot work as an auditor for pubic companies. A locked padlock This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. 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. All Rights Reserved. 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. 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. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. 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. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Marketing? 2023 Advance Local Media LLC. Defendant proceeds as named. In April, Brian Oliver, Aequitas. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . Its not just the amount of insurance money that went to Jesenik that concerns the receiver. There was no more hiding the fact that Aequitas was broke. But it appears they are far from done. 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
Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Much of the cash went to make the payments owed to other investors. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. Attorneys for the District of Oregon. A .gov website belongs to an official government organization in the United States. Now both have been sucked into the criminal fraud investigation of the collapsed firm. It began to default on the interest payments owed its legion of mom and pop investors. Rice served as Aequitass executive vice president and president of wealth management. Longtime Aequitas No. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. | Store Share sensitive information only on official, secure websites. Gillis was the second Aequitas chief financial officer. Cookie Settings/Do Not Sell My Personal Information. In a separate administrative proceeding, Jesenik, Oliver, and Gillis were barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical ratings organization, the SEC said. | Editor He was the British honorary consul to Portland. 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. Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. Scott Bradford is the lead prosecutor on the case. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. His attorneys have submitted bills for at least 2.7 million, far more than any other defendant. Court finds guilty pleas to be knowing and voluntary. 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. (See separate order.) There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. ORDER Defendant released on previous conditions. 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 A lock ( Brian Oliver - Senior Advisor & President, Cathedral Finance - Cathedral Consulting | LinkedIn Brian Oliver At Cathedral we help entrepreneurs with momentum build value in their business. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. 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). The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. 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. 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. Attorney Billy J. Williams announced today that Olaf Janke, a former owner and chief financial officer of Aequitas Management, LLC and several other Aequitas-owned entities, has pleaded guilty to conspiring to commit mail and wire fraud and money laundering. Attorneys for the District of Oregon. | Recent Lawyer Listings Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Waiver of indictment signed and accepted by the Court. 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. As U.S. Judge Magistrate Paul Papak noted in an October 2017 ruling, at that point 61 percent of the defense cost payments went to Jeseniks lawyers. Official websites use .gov Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Defendant waived reading of the Information. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . Other funds went to pay their salaries. But the defendants have already spent more than $10 million on legal costs, exhausting the first two policies. The court appointed receiver now in charge of whats left of Aequitas opposes Rices and MacRitchies request for access to the insurance money. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. 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. Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. In a separate proceeding, the SEC barred the three from the securities industry. 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, Ore.U.S. ) or https:// means youve safely connected to the .gov website. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. They've got that too. An official website of the United States government. The company's general counsel just quit. A lock ( But this one was worse. Sentencing materials are due no later than 7/31/2019. He is scheduled to be sentenced on Aug. 5. Defendant advised of rights. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) SEC v. Aequitas Management, LLC; Aequitas Holdings, LLC; Aequitas Commercial Finance, LLC; Aequitas Capital Management, Inc.; Aequitas Investment Management, LLC; Robert J. Jesenik; Brian A. Oliver; and N. Scott Gillis Case Number: 16-cv-00438 (United States District Court for the District of Oregon) Date Filed: March 10, 2016 If you missed the last issue of InvestmentNews, you can access it here.
There are also questions about whether Jesenik and other defendants spent the money appropriately. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. Brian A. Oliver, age 51, resides in Aurora, Oregon. They agreed to plead guilty and cooperate with the government. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. (chso). Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. It was the beginning of the end for the high-flying company. This case is being investigated by the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. The high-interest loans were terrible for students. Secure .gov websites use HTTPS Oliver and his co-conspirators also failed to disclose other critical facts about the company, including its near-constant liquidity and cash-flow crises, the use investor money to repay other investors and to defray operating expenses, and the lack of collateral to secure funds. He pled guilty but has not yet been sentenced. Brian Oliver President, Cathedral Finance | Senior Advisor Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses.
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