ND Securities fines investment firm Fargo, President

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North Dakota securities commissioner has suspended registration by Fargo Investments festivals Jamieson Capital Financial… and ordered the company and its President, jeremy Carlsonto clightness and i.econsist of supposedly violations of ssecurities laww.

Commissioner Karen Tyler placed the order today (Mon) and told her department began investigating Jamieson and Carlson after a routine examination found defects in the company business conduct.

Carlson allegedly Solicited and raised money from investors for private funds he controlled with disclosed goals to make investments related to real estate, oil and gas, digital assets and medical marijuana.

Show bank documents obtained by subpoena Carlson illegally held at least $17.78 million in client funds.

Among other things, automobileSon paid himself and other unregistered individuals and entities 3 percent commissions (or $338,000) for advertising and selling membership shares in the numerous private funds he controlled.

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(Publication of ND Securities Department)

North Dakota Securities Commissioner Karen Tyler has Jeremy L. Carlson and its Fargo-based investment advisory firm, Jamieson Capital Financial, LLC, to cease and desist from numerous alleged violations of state securities laws, including safekeeping of investor funds, acting as an unregistered broker-dealer and agent, breach of fiduciary duty, unlawful conduct by an investment adviser, and engaging in fraudulent activities Practices under the Securities Act.

The Commissioner also ordered the immediate suspension of the registration of Jamieson Capital Financial, LLC, (CRD #175016) with a proposed order to revoke the company’s registration. Carlson is not currently registered in any capacity as a securities professional in North Dakota. This order is in the public interest and this publication is intended to alert the public to the fact that Jamieson and Carlson can no longer conduct legal business in the state.

The securities department began investigating Jamieson and Carlson identified numerous deficiencies in the law firm’s business conduct after a routine audit.

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

Show subpoenaed bank records for the investigation period Carlson At least $17,780,000 in client funds taken into custody. The custody of clients’ 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 corporations 3% commissions for advertising and selling membership shares in the numerous private funds he controlled. Although not registered as a securities broker and agent, Carlson paid himself and his firm at least $338,000 in commissions for these sales, in addition to the management fees he charged as an investment advisor.

Carlson used a cryptocurrency exchange that cannot provide services to users in the United States and paid management fees to unregistered individuals to act as an advisor to a private fund and engage in trading of digital assets with investor client funds.

Carlson engaged in borrowing and lending between the private funds it controlled and lent funds from investors to individuals and corporations, in conflict with the use of proceeds disclosed to investors in private placement memoranda.

Without a contract of sale or regulatory approval from 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 of a medical marijuana-related business. Records obtained by the department indicate this Carlson Filed tax filings with the State Tax Department to apply for Angel Fund tax credits for the investments.

In a separate order, the Securities Commissioner ordered numerous private fund companies and Jeremy L. Carlson as an officer, to cease issuing membership shares to investors and to cease and desist from further violations of the Securities Act, including paying commissions to unregistered individuals and entities and making material misstatements or representations in any documentation required under the Securities Act.

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