State Issues Stop Order Against EPIC Management, LLC and Todd Berning

BISMARCK, N.D. - Insurance Commissioner Jon Godfread has issued a Stop Order against EPIC Management, LLC and its executive officer, Todd Berning, requiring them to immediately cease the offering or selling membership interests in the company.

The Insurance & Securities Department has reason to believe the Respondents have engaged in, are engaging in, or are about to engage in acts or practices prohibited under Chapter 10-04 of the North Dakota Century Code. Speculative information about the company's financial condition, its assets, and its management surfaced in May 2024. Department investigators attempted to contact EPIC Management, but concerns arose regarding the company's leadership, transparency, and operations. It was determined that taking action was necessary and appropriate in the public interest and for the protection of 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.

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.