NORTH DAKOTA (KXNET) — Karen Tyler, the commissioner of the North Dakota Securities Commission, has ordered three state LLC groups to cease and desist after reports of the groups distributing false promissory notes have surfaced.
The LLC groups in question are National Sports Opportunity Partners LLX, ICON Investment Group LLC, and Leftfield Development LLC. All three of these companies belong to Michael Kuntz, a resident of Grand Forks.
According to the North Dakota Securities Department, between August 5 and December 30 of 2021, the three groups allegedly sold unregistered promissory notes (a promise in writing for one individual to pay money to another person, like an IOU) and other instruments of debt totaling at least $1,955,000.
Bank records obtained by subpoenaing the companies, along with other investigative records, show that Kuntz and his three entities sold these false promissory notes to many other LLC groups — including Jamieson Natural Resources Fund LLC, Nova DC LLC, Secure Income Fund LLC, and Jamieson CAPEX Fund LLC.
All of these private funds, notably, are also owned by a single individual — Jeremy Carlson, who formerly operated a Fargo investment adviser firm (Jamieson Capital Financial LLC). Carlson has also been ordered to cease and desist from multiple alleged violations of the North Dakota Securities Act. The legal registration of Jamieson Capital Financial has also been suspended.
Kuntz has been instructed by the department to cease all sales of unregistered notes and repay all investor funds immediately.