Investor Alerts and Advisories

The North Dakota Insurance & Securities Department has announced a regulatory update aimed at strengthening protections for investors as more residents participate in private funds and alternative investments. The update aligns North Dakota’s securities oversight with nationally recognized standards by adopting the NASAA Model Rule for Investment Advisers to Private Funds and rescinding a prior state-specific approach. This change reduces regulatory complexity while improving transparency, fraud prevention, and consistency with federal and multi-state frameworks. The Order enhances safeguards for higher-risk investments by limiting participation to financially sophisticated investors and requiring disclosures and audited financial statements. Officials say the update modernizes oversight without limiting legitimate investment activity and takes effect immediately.

North Dakota Insurance Commissioner Jon Godfread has issued a Stop Order against EPIC Management, LLC and its executive officer, Todd Berning. The order requires them to immediately stop offering or selling membership interests in the company. This action was taken to protect investors from potentially unlawful or unregistered securities activity. The Commissioner emphasized the importance of safeguarding consumers and maintaining trust in the state’s financial markets.

Scammers often target seniors during their most vulnerable times. On this World Elder Abuse Awareness Day, the North Dakota Securities Department is raising awareness about how social isolation contributes to the exploitation of older investors. 

Who sells securities? Who provides advice about them? How can you protect yourself when hiring an investment professional? What documents should you expect—and what should you look for in them?

There’s a lot to consider when planning to invest. That’s why the North Dakota Securities Department urges all investors to thoroughly research their investment professional before investing. Learn how to be an informed and prepared investor.

Winners of the 2025 Stock Market Game demonstrated research, critical thinking, and analytical skills in real-world financial decision-making.