A federal appellate court Friday affirmed the convictions of three former executives of the Aequitas Management investment firm on conspiracy to commit wire and mail fraud.

The three-judge panel of the 9th U.S. Circuit Court of Appeals rejected the appeals by Robert Jesenik, Andrew MacRitchie and Brian Rice, who argued that they were barred from presenting a full defense.

The appellate panel also ruled that U.S. District Judge Michael H. Simon’s instructions to jurors were fair, and noted that the defense’s contention that Aequitas’ investors may have been negligent is not a viable defense to wire fraud.

After the Lake Oswego finance company collapsed, Jesenik, MacRitchie and Rice were indicted in August 2020 on charges of conspiracy to commit wire or mail fraud. Jesenik also was ch

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