ND Securities penalizes investment firm Fargo, chairman

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North Dakota Securities Commissioner has suspended registration from Fargo Investments solidify Jamieson Capital Financial… and ordered the firm and its president, Jeremy carlsonat vsease and Dis from alleged violations of ssecurities Iaws.

Commissioner Karen Tyler issued the order today (Monday), stating that his department began investigating Jamieson and carlson after a routine examination found deficiencies in the of the company conduct of business.

carlson allegedly solicited and raised funds from investors for private funds he controlled, with disclosed goals of making investments related to real estate, oil and gas, digital assets, and medical marijuana.

Bank statements obtained by subpoena show carlson illegally took custody of at least $17.78 million in client funds.

Among others, Autolson paid himself and other unregistered individuals and entities commissions of 3% (or $338,000) for soliciting and selling membership interests in the many private funds he controlled .

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(ND Securities Department Release)

North Dakota Securities Commissioner Karen Tyler ordered Jeremy L. carlson and his Fargo-based investment advisory firm, Jamieson Capital Financial, LLC, to cease and desist from numerous alleged violations of state securities laws, including taking custody of investors’ funds, acting as a broker and unregistered agent, breach of fiduciary duty, unlawful conduct of an investment adviser and engaging in fraudulent practices under the Securities Act.

The Commissioner also ordered the immediate suspension of registration of Jamieson Capital Financial, LLC, (CRD #175016), along with a proposed order revoking the company’s registration. carlson is not currently registered as a securities professional in any capacity in North Dakota. This order is in the public interest and this release is to advise the public that Jamieson and carlson can no longer legally do business in the state.

The Securities Department began investigating Jamieson and carlson after a routine examination revealed numerous shortcomings in the conduct of the company’s affairs.

carlson solicited and raised funds from investors for numerous private funds he controlled, with disclosed fund objectives of making investments related to real estate, oil and gas, digital assets, and marijuana medical.

Bank statements obtained by subpoena for the investigation period show carlson took custody of at least $17,780,000 in client funds. The safekeeping of client securities and funds by a North Dakota registered investment adviser is prohibited under the North Dakota Securities Act.

carlson paid himself and other unregistered individuals and entities 3% commissions for soliciting and selling stakes in the many private funds he controlled. Although not registered as a stockbroker and agent, carlson paid himself and his firm at least $338,000 in commissions on those sales, in addition to the management fees he charged as an investment adviser.

carlson used a cryptocurrency exchange that cannot offer services to users located in the United States and paid management fees to unregistered individuals to act as advisers to a private fund and engage in trading of digital assets with funds from investor clients.

carlson engaged in borrowing and lending activities between private funds it controlled and lent investor funds to individuals and corporations, conflicting with the use of the proceeds for purposes that had been disclosed to investors in the private placement memoranda.

In the absence of a signed purchase agreement or regulatory approval granted by the State Department of Medical Marijuana Health Division, carlson used funds from client investors to make numerous payments totaling over $3.9 million to acquire ownership of a medical marijuana-related business. Records obtained by the department indicate carlson has filed tax documents with the State Department of Taxation in an attempt to claim angel fund investment tax credits.

In a separate order, the Securities Commissioner ordered numerous private fund entities and Jeremy L. carlson as a managing member to cease issuing membership interest to investors, and to cease and desist from any other violations of the Securities Act, including the payment of commissions to persons and entities not recorded, and making material misrepresentations or statements in documents required to be filed under the Securities Act.

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