Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. 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. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. A locked padlock If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. 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. 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. 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. If you missed the last issue of InvestmentNews, you can access it here. But I think my clients will be thrilled. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. If you need help with finances, they've got that covered. Secure .gov websites use HTTPS Other funds went to pay their salaries. That has changed as the criminal case nears the indictment stage. He declined to comment. 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. Court finds guilty pleas to be knowing and voluntary. The Oregonian first reported the criminal charges and guilty plea. Oliver was a partial owner and Executive Vice President of Aequitas Management, LLC ("Aequitas Management . With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. 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. 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. 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. 2023 RIA Intel, an Institutional Investor Publication. Please sign in or register to comment. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. PDF SEC Complaint: Aequitas Management, LLC; Aequitas Holdings, LLC 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. They also have people who have helped raise money and sell businesses so they can help with that too. Email USAO-OR. ) or https:// means youve safely connected to the .gov website. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. As such, he was responsible for the development and implementation of risk management and compliance processes and procedures. 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. 1000 SW Third Ave Suite 600 Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Portland, Oregon 97204 Have a question about Government Services? 13. 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. Email USAO-OR. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. There was the motorcycle leasing company. It began to default on the interest payments owed its legion of mom and pop investors. | Store Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). The company opened slick new offices in New York City. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. U.S. Attorney's Office, District of Oregon, Criminal conspiracy could have cost investors more than $600 million, Former Aequitas Owner and Executive Vice President Pleads Guilty in Fraud and Money Laundering Conspiracy, Salem Man Pleads Guilty for Using Twitter to Threaten Violence Against Robinhood Employees, FBI and Partners Issue National Public Safety Alert on Financial Sextortion Schemes, Armed Robbery Crew Posing as DEA Agents Charged in Federal Court, Former Aequitas Owner and Executive Vice President Pleads Guilty In Fraud and Money Laundering Conspiracy. Defunct Aequitas misled investors, cooked books, ran Ponzi - oregonlive Portland, Oregon 97204 Get started today before this once in a lifetime opportunity expires. Rice acknowledged in court filings that he's a suspect in the case. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. It is believed that since he was ousted from Aequitas, Jesenik has been. In April, Brian Oliver, Aequitas. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. RIA Intel is part of Delinian. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. 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. Oliver is the first former Aequitas Capital executive to be criminally charged. (Tape #FTR-9B) (gw) (Entered: 04/19/2019) ) or https:// means youve safely connected to the .gov website. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. (1) There was no more hiding the fact that Aequitas was broke. They are also prohibited from violating the SECs antifraud provisions. 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. 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. 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Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. 2020 update: Aequitas investors recoup some money. 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). SECURITIES AND EXCHANGE COMMISSION v. AEQUITAS MANAGEMENT, LLC - Leagle Official websites use .gov The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. There was the commercial lender. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. I have really enjoyed working with Seth, Brian and the Cathedral team. 04/19/2019 10 Minutes of Proceedings: First Appearance on Information and Arraignment held before Magistrate Judge Stacie F. Beckerman as to Defendant Brian A. Oliver on 4/19/2019.
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