Rice headed Key Bank in Oregon for 12 years. There was the motorcycle leasing company. I have really enjoyed working with Seth, Brian and the Cathedral team. I have really enjoyed working with Seth, Brian and the Cathedral team.. The firm purchased or invested in other financial firms, many of them glorified debt collectors. Share sensitive information only on official, secure websites. 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. All rights reserved (About Us). ) or https:// means youve safely connected to the .gov website. There was no more hiding the fact that Aequitas was broke. View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. As previously reported by RIA Intel, Aequitas claimed to manage $1.67 billion before it collapsed, which would likely make its downfall Oregons biggest-ever investment scandal. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. The Oregon firm thought it had hit the motherlode when it got into the college debt business. 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. It is believed that since he was ousted from Aequitas, Jesenik has been working for a company founded by his son: KCR Advisors LLC, based in Viero Beach, Fla. An earlier indictment against Gillis will be dismissed. Aequitas did make legitimate investments. 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. Use of editorial content without permission is strictly prohibited|All rights reserved, Securities and Exchange Commission complaint filed in 2016, Aequitas meltdown underscores the importance of due diligence, caution, Fintech Bytes: RBC selects Vestwell, Riskalyze partners with Opto, Morgan Stanley ESG ETFs get the cold shoulder, HSA participants fail to take full advantage of tax trifecta, Investors keep dumping Blackstone REIT shares, Striving to win at compassion? Share sensitive information only on official, secure websites. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. They agreed to plead guilty and cooperate with the government.. 2023 InvestmentNews LLC. Until now, Rice and MacRitchie have faced minimal legal expenses. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. Attorneys for the District of Oregon. (chso). A locked padlock Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Once a high-flying Lake Oswego . Portland, Oregon 97204 Aequitas investors filed a $350 million class-action lawsuit in April 2016, less than a month after the SEC charged Aequitas Management LLC and four affiliates, as well as three executivesCEO Robert Jesenik, executive vice president Brian Oliver, and CFO and chief operating officer N. Scott Gilliswith hiding the deteriorating financial ) or https:// means youve safely connected to the .gov website. 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. 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. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. Official websites use .gov 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. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with 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. They remain active in their local church as well as volunteer with several other local non-profits, and in their leisure time enjoy hiking and camping in their travel trailer when not otherwise spending time with their two adult children. Seven years ago, it was easy to believe in Aequitas. One of Aequitas biggest moneymakers disappeared almost overnight. 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. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Exec VP & Pres:Financial Svcs, Aequitas Capital Mgmt Inc. Portland, Oregon 97204 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. 2023 RIA Intel, an Institutional Investor Publication. YouTubes privacy policy is available here and YouTubes terms of service is available here. But I think my clients will be thrilled. 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 has been a Senior Advisor with Cathedral Consulting since 2017. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. | Editor The company had three policies each for $5 million of coverage. 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. Learn more about reprints and licensing for this article. (Court Reporter Ryan White) (kms) (Entered: 04/19/2019) Defendant advised of rights. Not guilty pleas and denial of forfeiture allegation entered. This case is being investigated by the FBI, IRS Criminal Investigation, and the U.S. Department of Labor Employee Benefits Security Administration. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. All material subject to strictly enforced copyright laws. He committed suicide in an attempt to hide . He is scheduled to be sentenced on Aug. 5. Greenspan uncovered a remarkable email exchange between Aequitas co-founder Brian Oliver and Andrew MacRitchie, the firm's one-time chief compliance officer, which seems to indicate they were. MacRitchie was the companys executive vice president and chief compliance officer. 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. 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. An official website of the United States government. Marketing? Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. As Aequitas grew, its profile in the community also increased. (kms) (Entered: 04/19/2019), Home 2023 Advance Local Media LLC. President, Cathedral Finance|Senior Advisor. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Rice included in his court filings a copy of an April 23 letter from the U.S. Attorneys office in Portland informing him that you are a subject of a federal criminal investigation concerning fraud that occurred at Aequitas.. Secure .gov websites use HTTPS 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. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. There are also questions about whether Jesenik and other defendants spent the money appropriately. He was even on the board of the Arlington Club. Community Rules apply to all content you upload or otherwise submit to this site. Realized Launches Game Changing Platform for Direct Real Estate Investment, The CFP Board Calls Out Crypto in Code of Ethics and Standards, Modern Slavery Act Transparency Statement. From June 2014 through February 2016, Oliver and others 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. Brian received a Bachelor of Science degree from Oregon State University. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. Main Office: Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Former Aequitas Owner and Executive Vice President . Oliver was the primary fundraiser for ACF and the Aequitas Funds and a member of the management committees responsible for selecting or approving the investments made with investor . Share sensitive information only on official, secure websites. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 13. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. 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. B.
Internal Revenue Service Ogden Ut 84201 0030, Articles B