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



I have the best legal firm in the country to defend me. Awesome job!

Cindy C.


August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).

August 9, 2022
UBS Wealth Relying on Lending as Client Assets Dip

UBS Wealth Management is relying on loan growth and increasing interest rates amidst a quarter that the company has categorized as “one of the most challenging periods for investors in the last 10 years”, according to UBS CEO Ralph Hamers.