Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. If you need help with finances, they've got that covered. Six months later, on or about June 30, 2015, Gillis signed an amended loan agreement with Wells Fargo on Aequitass behalf. Thom Maher is launching a firm, Maher Wealth Management, in Phoenix. Rice, a longtime Portland banker who eventually became regional president for Key Bank, gave up the big downtown office to join Aequitas in 2014. 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. If you missed the last issue of InvestmentNews, you can access it here. Brian Oliver and Olaf Janke, former senior Aequitas executives, have in recent months cut plea deals with federal prosecutors. As part of his plea agreement, Gillis has also agreed to pay restitution as determined by the government and ordered by the court. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Jesenik also must pay a civil penalty of $625,000. (kms) (Entered: 04/19/2019), Home He declined to comment. (1) Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. | Link Errors Brian A. Oliver, age 51, resides in Aurora, Oregon. | Articles Scott Bradford is the lead prosecutor on the case. There was the commercial lender. 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. 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. The SECs complaint alleged that Jesenik and Oliver were aware of Aequitass calamitous financial condition yet continued to solicit millions of dollars from investors to pay the firms ever-increasing expenses and attempt to stave off the impending collapse of the business. It added that Gillis allegedly concealed the firms insolvency from investors and was aware that Jesenik and Oliver continued soliciting investors so that Aequitas could pay operating expenses and repay earlier investors with money from new investors.. In what could be the largest settlement of a securities lawsuit in Oregon history, settlements of at least $234.6 million have been secured for some 1,600 investors in a class action against third. Federal regulators claimed that Aequitas executives misled investors for years about the companys true financial condition. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. Portland, Oregon 97204
2023 Advance Local Media LLC. | Recent Lawyer Listings On March 16, 2016, pursuant to the Stipulated Interim Order Appointing Receiver, the Receiver was appointed as receiver . Jesenik founded the Aequitas group of companies, and, as chief executive officer, controlled the organizations structure and had ultimate decision-making authority over company activities. The company's general counsel just quit. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). He was even on the board of the Arlington Club. 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. 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 This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Portland, Oregon 97204
In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. PORTLAND, Ore.U.S. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Gillis was the second Aequitas chief financial officer. Bob Jesenik has not been criminally charged. 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
Defendant sworn and examined. Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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. 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. Main Office:
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.. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. The company's general counsel just quit. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. Former CFO N. Scott Gillis was required to pay a $300,000 civil penalty. Have a question about Government Services? MacRitchie was the companys executive vice president and chief compliance officer. 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. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. This story was revised on Aug. 21, 2020 to correct some details about Brian Rices professional background. He also established Aequitass New York Office and directed Aequitass Lux Fund, a Luxembourg-based fund used to solicit international investors. But they made good money for Aequitas and its investors. PORTLAND, Ore.U.S. Federal prosecutors have already cut guilty plea deals with two former Aequitas executives. They also have people who have helped raise money and sell businesses so they can help with that too. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. Share sensitive information only on official, secure websites. Learn more about reprints and licensing for this article. 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. 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. Aequitas was allegedly a fraud on top of another fraud Corinthian Colleges, the scandal ridden for-profit college that went bankrupt in 2015. 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. 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. I have really enjoyed working with Seth, Brian and the Cathedral team.. Add Andrew MacRitchie and Brian Rice, second and third from right, to the list of former Aequitas executives now facing substantial legal defense costs. 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. Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. ) or https:// means youve safely connected to the .gov website. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. All rights reserved (About Us). As Aequitas grew, its profile in the community also increased. Official websites use .gov Sentencing is set for 8/5/2019 at 9:00AM in Portland before Judge Michael W. Mosman. Community Rules apply to all content you upload or otherwise submit to this site. 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. In a separate proceeding, the SEC barred the three from the securities industry. ORDER granting the Government's oral motion to unseal the case. ORDER Presentence Report to be prepared by U.S. 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. Sam Kauffman is MacRitchies attorney. He will be sentenced on August 5, 2019before U.S. District Court Judge Michael W. Mosman.
Secure .gov websites use HTTPS Once a high-flying Lake Oswego . The Oregonian/OregonLive began investigating Aequitas in 2014, when it linked the firm to accusations of predatory student loans at Corinthian. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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). Theyve recovered much of that money in a series of civil lawsuits against the professional firms that worked for Aequitas. PORTLAND, Ore.U.S. | Sign In, Verdict Corrections But prosecutors allege the Aequitas executives lied about the firms financial performance. 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. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. 1000 SW Third Ave Suite 600
YouTubes privacy policy is available here and YouTubes terms of service is available here. Aequitas specialized in debt. | Store They agreed to plead guilty and cooperate with the government. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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? Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Official websites use .gov There was the motorcycle leasing company. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. 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. Defendant advised of rights. Jesenik will have to pay $1.57 million in disgorgement, interest and penalties, while Oliver will pay $235,928 in disgorgement and interest, and Gillis will pay a $300,000 civil penalty. The default came to attention of the U.S. Securities and Exchange Commission, which sued Aequitas in March 2016 and got the company shut down. A lock ( They agreed to plead guilty and cooperate with the government.. All rights reserved (About Us). They both opted not to talk. Aequitas collapsed in 2016 owing about $600 million to investors. Portland, Oregon 97204
By that time, it was clear to Aequitas executives the company was in deep financial trouble., Kayser added. A Salem, Oregon man pleaded guilty today for using Twitter to threaten violence against employees of Robinhood Markets, Inc., an online financial services company based in Menlo Park, California. By late 2015, Aequitas was suffering one of its periodic cash flow crises. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. 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. I have really enjoyed working with Seth, Brian and the Cathedral team. 1000 SW Third Ave Suite 600
(2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. The Oregon firm thought it had hit the motherlode when it got into the college debt business. 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. Investors had been bilked out of hundreds of millions of dollars, the SEC said. PORTLAND, Ore.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. 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. He is scheduled to be. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) In anticipation of the institution of these proceedings, Respondent has submitted an Offer . 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 Defendant proceeds as named. Please sign in or register to comment. Left to right they are Bob Jesenik, Scott Gillis, Craig Froude (not charged with any crime,) Brian Rice, Andrew MacRitchie and Brian Oliver. brian oliver, aequitas brian oliver, aequitas Home Realizacje i porady Bez kategorii brian oliver, aequitas Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 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. Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. The Oregonian first reported the criminal charges and guilty plea. 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 . It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. There are also questions about whether Jesenik and other defendants spent the money appropriately. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. (Entered: 04/19/2019) Official websites use .gov Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. All three are permanently barred from the securities industry. Waiver of indictment signed and accepted by the Court. 2023 RIA Intel, an Institutional Investor Publication. A locked padlock 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. But much of that money has already been spent. He established and maintained the companys accounting principles, practices, procedures and initiatives, prepared financial reports and presented findings and recommendations to the executive teams, and oversaw all financial functions. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. Then Corinthian went bankrupt. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local.
There was no more hiding the fact that Aequitas was broke. With love for the 60/40 portfolio fading, 50/30/20 looks to be the cool new kid on the block. 18:1957 CONSPIRACY TO COMMIT MONEY LAUNDERING A locked padlock Former Aequitas Owner and Executive Vice President . 04/19/2019 11 Waiver of Indictment by Brian A. Oliver (schm) (Entered: 04/19/2019) Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. Get started today before this once in a lifetime opportunity expires. Timothy Laniers firm in Neptune Beach, Florida, focuses on serving doctors and health care executives. 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). Our team of expertsis available to help your business build value in a variety of ways including: assessments, strategic planning, corporate financing, M&A support, market research, growth marketingandmuch more! Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. Attorney Billy J. Williams announced today that Robert J. Jesenik, 61, a former chief executive officer of Aequitas Management, LLC and several other Aequitas-owned entities, has been indicted along with three other former company executives for their roles in a fraud and money laundering conspiracy. The Aequitas entities, Jesenik, and Gillis consented to the entry of final judgment without admitting or denying the SECs allegations. MacRitchie, the former utility executive, was the picture of respectability. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. Longtime Aequitas No. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. 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. Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. Ledger left the company in 2005 in a highly controversial and public way. It is free to register and only takes a minute or two. Oliver faces a maximum sentence of 30 years in prison, a $250,000 fine or twice the gross . | Advertising The company's general counsel just quit. 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. 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. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. All three are permanently barred from the securities industry. Lock Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. 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. 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. 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. More Local News to Love Start today for 50% off Expires 3/6/23. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. A locked padlock Now both have been sucked into the criminal fraud investigation of the collapsed firm. 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? President, Cathedral Finance|Senior Advisor. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. Secure .gov websites use HTTPS Sentencing materials are due no later than 7/31/2019. 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. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. 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. Rice headed Key Bank in Oregon for 12 years. Email USAO-OR. Both Rice and MacRitchie have asked the court for access to Aequitas insurance money to cover their defense costs. 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. Three other former Aequitas executives, including a former Portland bank president and a senior utility executive, were also charged. A lock ( Email USAO-OR. Rice served as Aequitass executive vice president and president of wealth management. Much of the cash went to make the payments owed to other investors. 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. Brian provides Cathedral particular expertise in leading Merger & Acquisition transactions and arranging Corporate Finance solutions for its clients, after having been involved in extensive transactions of all sizes throughout his career. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 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. 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. One of Aequitas biggest moneymakers disappeared almost overnight. He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. | Editor He is scheduled to be sentenced on Aug. 5. 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. He was the British honorary consul to Portland. According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Co-founders Bob Jesenik and Brian Oliver had participated in too many sketchy deals for sophisticated Oregon investors to feel comfortable with them. 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. Have a question about Government Services? 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
Among his responsibilities, Rice oversaw the solicitation of investments through registered investment advisors (RIA) and managed Aequitass affiliated RIAs.