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 both parties to immediately stop offering or selling membership interests in the company.
The Insurance & Securities Department reported concerns about the company’s financial condition, assets, and management that surfaced in May 2024. Investigators attempted to contact EPIC Management but raised issues regarding leadership, transparency, and operations. Officials determined that action was necessary to protect investors and serve the public interest.
Under N.D.C.C. § 10-04-16 and N.D.C.C. § 10-04-08.4(6), the Commissioner is authorized to issue orders such as stop orders to safeguard investors. As a result, EPIC Management, LLC and Todd Berning have been directed to cease any activities related to offering or selling membership interests in the company.
"Respondents have the right to request a hearing before the Commissioner within 15 days of receiving the order. This order does not affect investments already made with Todd Berning or EPIC Management, LLC in existing real-estate holdings," according to the department.
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