North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

Posted on August 4th, 2022 at 2:33 PM
North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

From the Desk of Jim Eccleston at Eccleston Law.

The North Dakota Securities Commissioner’s office is seeking to shut down a small West Fargo-based registered investment adviser (RIA) after its owner allegedly violated state securities laws and improperly took custody of $17.8 million in client funds beginning in 2017.

Under the North Dakota Securities Act, North Dakota RIAs are prohibited from taking custody of client securities and funds. The owner of Jamieson Capital Financial, Jeremy Carlson, allegedly acted as an unregistered broker-dealer while engaging in fraudulent practices, according to a statement by the commissioner, Karen Tyler.

According to regulators, Carlson allegedly collected commissions at a 3% rate, which totaled nearly $338,000. The North Dakota Securities Department launched its investigation after a routine examination exposed several deficiencies relating to the firm’s business conduct. Carlson raised investor money for several private investments he controlled, which invested funds in real estate, oil and gas, digital assets and medical marijuana.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors

Return to Archive

TESTIMONIALS

Previous
Next

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

February 27, 2026
Eighth Circuit Rejects Emergency Injunction in Advisor Departure Dispute

A federal appeals court ruled against an advisory firm seeking immediate, injunctive relief after a team of advisors left with hundreds of millions in client assets.

February 26, 2026
FINRA Bars Former Cambridge Advisor After Refusal to Cooperate With Communications Probe

A former advisor affiliated with Cambridge Investment Research has been barred from the securities industry after declining to comply with a regulatory investigation, according to the Financial Industry Regulatory Authority (FINRA).

February 25, 2026
Advisors Increase Crypto Allocations as Merrill Lynch Warns of Significant Risks

Financial advisors are placing more client assets into digital currencies, even as major firms caution investors about the asset class's volatility and speculative nature.