Jon Godfread, Commissioner | North Dakota Insurance Department
Jon Godfread, Commissioner | North Dakota Insurance Department
The North Dakota Insurance Commissioner has issued a Stop Order against EPIC Management, LLC and its executive officer, Todd Berning. The order requires the company and Berning to immediately stop offering or selling membership interests in EPIC Management.
The Insurance & Securities Department reported concerns about EPIC Management's financial condition, assets, and management that surfaced in May 2024. Investigators tried to contact the company but found issues with leadership, transparency, and operations. As a result, officials determined it was necessary to act in the public interest and protect investors.
"According to N.D.C.C. § 10-04-16 and N.D.C.C. § 10-04-08.4(6), the Commissioner has authority to issue orders, including stop orders, to protect investors. Based on the circumstances, the Department issued a Stop Order directing EPIC Management, LLC and Todd Berning to immediately cease offering, selling, or affecting membership interests in EPIC Management."
EPIC Management and Todd Berning have the right to request a hearing before the Commissioner within 15 days of receiving the order. The order does not affect investments already made with either party in existing real-estate holdings.
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