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. Please read our Terms and Conditions, Modern Slavery Act Transparency Statement, and Privacy Policy before using the site. 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. Irvine, California-based Eric Gallinger is affiliating with LPL through Stratos Wealth Partners. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. 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. A lock ( Brian Rice and Andrew MacRitchie left their corporate posts for jobs at Aequitas Capital. (2), Outcome: 04/19/2019 9 Order Setting Conditions of Release as to Defendant Brian A. Oliver. Luminaries from the downtown business establishment wanted to join the team. Advisors providing advice on cryptocurrency-related assets should do so with caution, according to a new report by the CFP Board. 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. ORDER Presentence Report to be prepared by U.S. Counsel Present for Defendant: Whitney Boise, Kendra Matthews. Counsel Present for the Government: Scott E. Bradford and Ryan W. Bounds. 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. The company's general counsel just quit. All rights reserved (About Us). He is scheduled to be sentenced on Aug. 5. Plea Petition and Plea Agreement signed and accepted by the Court. 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). The sentencing for former Aequitas Capital executive Brian Oliver has been moved again. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. 2 executive Brian Oliver pleaded guilty to the same charges in April. Aequitas specialized in debt. The recent filings indicate several additional Aequitas executives, like Rice and MacRitchie, are in harms way. If you missed the last issue of InvestmentNews, you can access it here. He is scheduled to be. 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. A locked padlock ) or https:// means youve safely connected to the .gov website. 04/19/2019 13 Plea Agreement as to Brian A. Oliver (kms) (Entered: 04/19/2019) Share sensitive information only on official, secure websites. | Link Errors I have really enjoyed working with Seth, Brian and the Cathedral team. Until now, Rice and MacRitchie have faced minimal legal expenses. Both Rice and MacRitchie were high-profile Portland executives before joining Aequitas. Gillis was the second Aequitas chief financial officer. 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). 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. More Local News to Love Start today for 50% off Expires 3/6/23. | Sign In, Verdict Corrections A lock ( Rueben Iniguez, a lawyer in the federal defenders office in Portland, is representing Jesenik. Email USAO-OR. The current Aequitas Capital Management lawsuit was brought on by the heirs of Matthew Ledger. 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. 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. They also have people who have helped raise money and sell businesses so they can help with that too. Gillis faces a maximum sentence of 30 years in prison, an $8.4 million fine, and five years supervised release. 1000 SW Third Ave Suite 600
Gillis was charged alongside former Aequitas CEO Robert J. Jesenik, 62, of West Linn, Oregon, and former Aequitas executives Brian K. Rice, 55, of Portland, and Andrew N. MacRitchie, 56, formerly of Palm Harbor, Florida. Brian A Oliver is Exec VP & Pres:Financial Svcs at Aequitas Capital Mgmt Inc. See Brian A Oliver's compensation, career history, education, & memberships. On or about January 12, 2015, Aequitas entered into a loan agreement with Wells Fargo to establish a $100 million line of credit. Former Aequitas Owner and Executive Vice President . All material subject to strictly enforced copyright laws. Its been a long time coming, Kayser said. Community Rules apply to all content you upload or otherwise submit to this site. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. But I think my clients will be thrilled. Previously, Brian was an Executive VP, Business Development at Alternative Asset Management. That has changed as the criminal case nears the indictment stage. There was the commercial lender. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Reset here, 1999 - 2023 citywire.com. 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. In a divorce settlement filed with the court, it's. There was no more hiding the fact that Aequitas was broke. Aequitas borrowed funds from other financial institutions, including Wells Fargo Bank, N.A., to purchase these trade receivables. Attorney Billy J. Williams announced today that Brian A. Oliver,a former owner and executive vicepresident of Aequitas Management, LLC and several other Aequitas . A lock ( It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. Ameritrade and big law firms like Sidley Austin gave the local operation a sheen of legitimacy. They are Brian Rice, who formerly headed Key Banks operations in much of Oregon, Andrew MacRitchie, The Scotland native who came to Portland when when Scottish Power purchased PacifiCorp, and N. Scott Gillis, the former chief financial officer. ORDER granting the Government's oral motion to unseal the case. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Brian Oliver and Olaf Janke, Aequitas chief financial officer before Gillis, pleaded guilty to similar charges. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. Official websites use .gov Main Office:
Oliver was originally scheduled to be sentenced on Aug. 5, but the sentencing date was moved to Nov.. 04/19/2019 12 Minutes of Proceedings: Entry of Plea Hearing held before Judge Michael W. Mosman for Defendant Brian A. Oliver. 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. Nevertheless, Papak ruled in favor of Jeseniks request for access to additional insurance funds to cover his defense. There are also questions about whether Jesenik and other defendants spent the money appropriately. An indictment is only an accusation of a crime, and defendants are presumed innocent unless and until proven guilty. A locked padlock Counsel Present for Defendant: Whitney Patrick Boise and Kendra M. Matthews. Probation. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. A native of the United Kingdom, he served as the British honorary consul in Portland for several years. 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. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. [More: Aequitas meltdown underscores the importance of due diligence, caution]. Portland, Oregon 97204
) or https:// means youve safely connected to the .gov website. Lock Aequitas also had tentacles spread throughout the RIA world. Brian Oliver, Aequitas Capital's longtime No. Defendant waived reading of the Information. The firm sold more than $300 million worth of private investment notes, mostly through financial advisers. Marketing? Seven years ago, it was easy to believe in Aequitas. 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. A federal court in Oregon entered final judgments against Aequitas Management requiring the firms receiver to pay $453 million in disgorgement. 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. Theyve got a team that really loves entrepreneurship and is equipped with different skill sets. Aequitas finances were already spiraling down, and the worse they got, the more student debt the firm bought from Corinthian. 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. Despite that advice, on or about January 15, 2016, Gillis signed and, with others, submitted to Wells Fargo an advance notice, requesting that Wells Fargo advance $4.2 million to Aequitas with a false certification that Aequitas was not confronting a potential event of default. A locked padlock PORTLAND, Ore.U.S. 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. The company's general counsel just quit. It is being prosecuted by Ryan W. Bounds, Christopher Cardani and Siddharth Dadhich, Assistant U.S. He committed suicide in an attempt to hide . Plus, Jeseniks monthly legal fees approximately quadrupled after he hired new counsel in approximately March 2017. He was the British honorary consul to Portland. Rice, former president of Key Bank of Oregon, acknowledged in recent court filings that he is a target in the case. Have a question about Government Services? Rice served as Aequitass executive vice president and president of wealth management. | Store In these roles, he was responsible for directing Aequitass overall financial policies and accounting functions. Waiver of indictment signed and accepted by the Court. The final judgments prohibit Jesenik, Oliver, and Gillis from serving as officers or directors of any public company. Share sensitive information only on official, secure websites. 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. 0. Attorneys for the receiver now in charge of Aequitas, have voiced alarm at the share of the insurance money spent by Jesenik. Brian Rice and Scott Gillis, two of the company's six senior partners, resigned in recent weeks. Signed on 4/19/19 by Magistrate Judge Stacie F. Beckerman. They agreed to plead guilty and cooperate with the government.. No criminal charges have been filed against Bob Jesenik, Aequitas co-founder and CEO. 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). A .gov website belongs to an official government organization in the United States. 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. Prosecutors claim the Aequitas executives misled company investors about how their money was being used. Rice acknowledged in court filings that he's a suspect in the case. (kms) (Entered: 04/19/2019), Home 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. Chris Kayser, a Portland lawyer who represented 120 people who had invested in Aequitas, saw firsthand how unsophisticated investors were taken advantage of. 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. Brian Oliver is an Executive Vice President & President, Aequitas Financial Services Network at Aequitas Capital Management based in Lake Oswego, O regon. 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. They've got that too. It began to default on the interest payments owed its legion of mom and pop investors. 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. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. Main Office:
Court finds defendant capable and competent to enter plea. 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. He was even on the board of the Arlington Club. 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. 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. Not guilty pleas and denial of forfeiture allegation entered. There was the motorcycle leasing company. 1000 SW Third Ave Suite 600
2023 RIA Intel, an Institutional Investor Publication. 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. 2 executive, on Friday pleaded guilty to conspiracy to commit mail and wire fraud and conspiracy to commit money laundering. Secure .gov websites use HTTPS The high-interest loans were terrible for students. The company's general counsel just quit. One of Aequitas biggest moneymakers disappeared almost overnight. More Local News to Love Start today for 50% off Expires 3/6/23. Portland, Oregon 97204
Ledger was the co-founder of Aequitas, which was then a small New York based company that dealt primarily in commercial paper. PORTLAND, Ore.U.S. They are also prohibited from violating the SECs antifraud provisions. In January 2014, shortly before joining Aequitas, he was named to the Portland board of directors of the Federal Reserve Bank of San Francisco. They also have people who have helped raise money and sell businesses so they can help with that too. 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. The company opened slick new offices in New York City. Jesenik, Rice, and MacRitchie are all on pre-trial release pending a five-week jury trial scheduled to begin on April 3, 2023. Have a question about Government Services? According to court documents, Aequitas created and operated investment funds that purchased trade receivables in education, health care, transportation, and other consumer credit areas. Main Office:
Five of the six senior Aequitas executives have been charged with federal crimes or have pleaded guility. According to a Complaint filed on March 10, 2016 in Oregon federal district court, the SEC has brought claims against Aequitas Management, LLC (CRD# 143780/SEC# 801-68039) and three Aequitas executives, Robert J. Jesenik, Brian A. Oliver, and N. Scott Gillis for defrauding investors and for a breach of fiduciary duties. The court also required Robert J. Jesenik, the firm's former CEO, and Brian A. Oliver,. All three are permanently barred from the securities industry. 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
Neither were charged when the U.S. Securities and Exchange Commission shut Aequitas down and filed a civil lawsuit in March 2016. Cookie Settings/Do Not Sell My Personal Information. Attorneys for the District of Oregon. MacRitchie, the former utility executive, was the picture of respectability. Wealth Management as an industry doesnt understand direct real estate and real estate certainly doesnt understand wealth management, says Realized founder David Wieland. 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 . He will be sentenced on June 27, 2023 by U.S. District Court Judge Michael H. Simon. An official website of the United States government. In April, Brian Oliver, Aequitas. Arraignment held for Defendant Brian A. Oliver on Counts 1 and 2 of the Information. Brian has over 30 years experience in providing corporate finance and consulting solutions to small and medium sized businesses. 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
He worked for Portland banks for much of his career before he was named regional president of Key Bank in 2006. By the time he left, he was also in charge of Key Banks operations in Washington and Alaska. 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. Share sensitive information only on official, secure websites. Counsel Present for Plaintiff: Scott Bradford, Ryan Bounds. 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. Portland, Oregon 97204
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. It is believed that since he was ousted from Aequitas, Jesenik has been. A .gov website belongs to an official government organization in the United States. 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. Brian's experience encompasses a variety of positions across commercial banking, investment banking, alternative asset management, and business advisory services. 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. 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. They both opted not to talk.
| Privacy Statement. It entered into a deal to buy student loans from Corinthian, the notorious for-profit college. A federal grand jury in the District of Oregon returned an indictment today charging four founders of Forsage, a purportedly decentralized finance (DeFi) cryptocurrency investment platform, for their roles in On February 6, 2023, a Russian cryptocurrency money launderer previously extradited from the Netherlands to face charges in the District of Oregon pleaded guilty in federal court. Another was a utility executive who helped change Portlands business landscape. 2023 Advance Local Media LLC. 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 The SECs complaint, filed on March 10, 2016, alleged that Aequitas Management and four affiliates defrauded more than 1,500 investors nationwide when that money was being used primarily to cover operating losses and to pay earlier investors in a Ponzi-like fashion, according to an April 24 SEC press release on the final judgment. 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. 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.. Get started today before this once in a lifetime opportunity expires. If you need help with finances, they've got that covered. 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. As Aequitas grew, its profile in the community also increased. But prosecutors allege the Aequitas executives lied about the firms financial performance. B. Between 2011 and 2014, Aequitas purchased more than $561 million in student loan debt, almost all of which was with Corinthian. It is being prosecuted by Scott E. Bradford and Ryan W. Bounds, Assistant U.S. The third policy is now being consumed even though the criminal case is just getting underway and the pool of potential defendants is expanding. | Recent Lawyer Listings The Aequitas entities, which are in receivership, will have to pay $540 million in disgorgement and interest as part of the final judgment. I have really enjoyed working with Seth, Brian and the Cathedral team.. 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. 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. 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. PORTLAND, Ore.U.S. RIA Intel is part of Delinian. They hurt a whole lot of people.. Attorneys for the District of Oregon. Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Brian A. Oliver ("Oliver" or "Respondent"). MacRitchie was the companys executive vice president and chief compliance officer. PORTLAND, Ore.U.S. 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. Its not just the amount of insurance money that went to Jesenik that concerns the receiver. 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. They've got that too. Aequitas did make legitimate investments. But this one was worse. All rights reserved (About Us). Ledger left the company in 2005 in a highly controversial and public way. II. 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. Over the last few years Cathedral has really provided sage advice as weve been growing our green building companies. 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. Oliver also was charged criminally for his conduct and has pled guilty, but has not yet been sentenced. Brian Oliver, Aequitas Capital's longtime No. He declined to comment. Government summarized charges and terms of plea agreement. 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. 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. Gillis was the second Aequitas chief financial officer. He argues he needs the money to help defray losses suffered by Aequitas investors. 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. There was the company that bought bad debt from hospitals for pennies on the dollar and then tried to collect on the debt. Brian A. Oliver, age 51, resides in Aurora, Oregon. 2020 update: Aequitas investors recoup some money. The Oregonian first reported the criminal charges and guilty plea. 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. Brian has been a Senior Advisor with Cathedral Consulting since 2017. 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.