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.
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