The North Dakota Securities Commissioner's office Monday moved to close down a small registered investment adviser based in West Fargo, Jamieson Capital Financial, after it alleged its owner committed violations of state securities laws and took custody of $17.8 million in client money from 2017 to earlier this year.
North Dakota RIAs are prohibited from having custody of client securities and funds under the North Dakota Securities Act.
The RIA's owner, Jeremy Carlson, allegedly acted as an unregistered broker-dealer and salesperson and engaged in fraudulent practices, according to a statement by the commissioner, Karen Tyler.
Carlson allegedly paid himself and others commissions at a 3% rate that totaled at least $338,000, according to North Dakota. Carlson used several funds with specific investment focuses during the five-year period to solicit and hold investor money, according to the regulator.
The state's orders essentially close both the firm and the funds.
Carlson did not return a call Wednesday morning to comment.
The Securities Department began investigating Jamieson and Carlson after a routine examination uncovered a number of deficiencies in the business conduct of the firm, according to the regulator.
Carlson solicited and raised money from investors for numerous private funds he controlled, which made investments related to real estate, oil and gas, digital assets and medical marijuana.
With no purchase agreement executed or regulatory approval granted by the State Department of Health Division of Medical Marijuana, Carlson used client investor funds to make numerous payments totaling over $3.9 million to acquire ownership in a medical marijuana-related business, according to the regulator.
Survey finds AI widely embedded in research and analysis, but barely touching portfolio construction or trade execution.
Two firms land teams managing more than $1.1 billion in combined assets from Kestra and Edward Jones.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
