Enforcement Actions

North Dakota Insurance Commissioner Jon Godfread notified 25 pharmacy benefit managers (PBMs) of apparent unlicensed activity in North Dakota. They have 20 days after receiving the notice to submit a complete license application before cease-and-desist orders are issued.

Insurance Commissioner Jon Godfread issued a stop order to Shayan Mashatian and his companies, Silverberry Group, LLC and WoundScribe AI Corp.

These companies were soliciting investments without properly registering their company in accordance with North Dakota Century Code. The North Dakota Insurance and Securities Department issued the order to protect investors.

The North Dakota Insurance & Securities Department actively monitors financial organizations to help protect North Dakotans from unfair or unreasonable actions. So far this year, the Department has secured $140,000 from settlements as part of multi-state enforcement actions.

The North Dakota Insurance & Securities Department has announced a regulatory update aimed at strengthening protections for investors as more residents participate in private funds and alternative investments. The update aligns North Dakota’s securities oversight with nationally recognized standards by adopting the NASAA Model Rule for Investment Advisers to Private Funds and rescinding a prior state-specific approach. This change reduces regulatory complexity while improving transparency, fraud prevention, and consistency with federal and multi-state frameworks. The Order enhances safeguards for higher-risk investments by limiting participation to financially sophisticated investors and requiring disclosures and audited financial statements. Officials say the update modernizes oversight without limiting legitimate investment activity and takes effect immediately.

North Dakota Insurance Commissioner Jon Godfread has issued a Stop Order against EPIC Management, LLC and its executive officer, Todd Berning. The order requires them to immediately stop offering or selling membership interests in the company. This action was taken to protect investors from potentially unlawful or unregistered securities activity. The Commissioner emphasized the importance of safeguarding consumers and maintaining trust in the state’s financial markets.