North Dakota Stop Order Against EPIC Management and Todd Berning

ND Insurance News

Filed September 12th, 2025

Detected March 19th, 2026

Summary

The North Dakota Insurance Commissioner issued a stop order against EPIC Management, LLC and Todd Berning, requiring them to immediately cease offering or selling membership interests. This action is due to concerns about the company's financial condition, assets, management, leadership, transparency, and operations, as well as potential violations of Chapter 10-04 of the North Dakota Century Code.

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What changed

The North Dakota Insurance Commissioner has issued a Stop Order against EPIC Management, LLC and its executive officer, Todd Berning. This order mandates the immediate cessation of offering or selling membership interests in EPIC Management. The action stems from concerns regarding the company's financial condition, assets, management, leadership, transparency, and operations, and potential violations of Chapter 10-04 of the North Dakota Century Code, specifically citing N.D.C.C. § 10-04-16 and § 10-04-08.4(6).

Respondents EPIC Management, LLC and Todd Berning must immediately cease all sales activities related to membership interests. They have the right to request a hearing before the Commissioner within 15 days of receiving the order. This order does not impact existing investments in real-estate holdings made prior to this action. Compliance officers should ensure that any sales or offering activities related to these entities' membership interests are halted immediately and consider advising relevant parties of their right to request a hearing.

What to do next

Immediately cease offering or selling membership interests in EPIC Management, LLC.
Review internal processes for compliance with North Dakota securities laws.
Advise affected parties of their right to request a hearing within 15 days of receiving the order.

Penalties

The order requires immediate cessation of sales activities. Further penalties may apply if non-compliance continues.

Source document (simplified)

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

Friday, September 12, 2025 - 01:00 am

Categories: News 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.