Three former Aequitas Capital Management executives were found guilty by a federal jury in Portland on several counts in the most significant white-collar criminal case in Oregon’s history. Some of the charges against the three were dropped.
You can see a tweet of above information-
After 3 days of deliberations, jurors found the former Aequitas executives guilty on multiple counts. https://t.co/EoZBnPjYag
— Portland Business Journal (@PDXBIZJournal) May 16, 2023
A 30-count indictment was filed against ex-Aequitas executives Robert Jesenik, Brian Rice, and Andrew MacRitchie. Aequitas was accused because an SEC probe discovered the company had “Ponzi-like” characteristics.
Multiple charges of wire fraud and one count of conspiracy to commit wire and mail fraud were found faithful for all three defendants by the jury. In addition to causing a false statement on a bank loan application, former Aequitas CEO Jesenik was found guilty.
Money laundering charges were dropped against all three defendants. The sentencing hearing will occur in the exact Portland, Oregon, U.S. District Courtroom where the trial was held on September 7.
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At its peak, Aequitas managed over $1 billion in assets with a staffΒ 150. AtΒ its collapse, the company owed investorsΒ $600 million, andΒ around half of that sum was recouped through the sale of assets.
Prosecutors claim that Aequitas was a Ponzi scheme that operated for at least 18 months, beginning in June 2014 when Corinthian Colleges stopped making monthly recourse payments of $5 million on the student loan debtΒ Aequitas had purchased. Assistant U.S. Attorney Chris Cardani told the jury that Aequitas was in trouble long before that.
