In 2023, the North Dakota Legislature passed Senate Bill 2325 which created the Investor Restitution Assistance Fund. The fund helps seniors and vulnerable adults who have been victimized by the perpetrator of an investment fraud. The fund may provide limited restitution assistance when full recovery of investor losses is not possible.
When the Department has conducted an investigation and the Securities Commissioner has issued an order finding a violation of the Securities Act, has ordered repayment (restitution) to the harmed investor, and the repayment has not been made by the person or company that broke the law, assistance from the fund becomes possible.
North Dakota victims of securities law violations can apply to receive restitution assistance of up to 50% of their loss amount or $50,000 whichever is less.
Who is Eligible
An individual who meets the definition of eligible adult under section NDCC 10 - 04 - 08.5, is the named party in a restitution award in a final order, and files the required application. Also eligible to apply are the executor of a named party, the heirs and assignees of a named party, or any other individual with lawful authority to act for or on behalf of the named party in a restitution award in a final order.
Who is NOT Eligible
The commissioner may not award restitution assistance if a victim sustained losses as a result of:
- Participating or assisting in a securities violation.
- Attempting or committing a securities violation.
- The victim profited or would have profited from a securities violation.
How to Apply
Laws, Rules and Orders
- N.D.C.C. 10-04-08.5 Financial Exploitation
- N.D.C.C 10-04-21 Restitution Assistance Fund