AMS Holdings and Brad Stroup - Securities Registration Violation Consent Order

enforcement-actions

Filed April 2nd, 2026

Detected April 3rd, 2026

Summary

The North Dakota Insurance & Securities Department entered a Consent Order with AMS Holdings, LLC and principal Bradley J. Stroup for operating as an unregistered issuer-dealer, broker-dealer, and agent in North Dakota. Stroup admits to the violations and agrees to an 18-month prohibition from securities registration and all securities-related transactions in North Dakota. The prior July 19, 2023 Cease and Desist Order is rescinded as part of this settlement.

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What changed

The Department found that AMS Holdings and Stroup violated North Dakota securities law by operating without required registration as an issuer-dealer, broker-dealer, or agent. The matter originated from a July 19, 2023 Cease and Desist Order relating to promissory-note transactions. Under the Consent Order, Stroup admits to the conduct, agrees to an 18-month prohibition from applying for registration under N.D.C.C. § 10-04-10, and accepts an 18-month prohibition from securities-related transactions in North Dakota.

Any entity or individual engaging in securities transactions in North Dakota must ensure proper registration as required under state securities law. Violators face administrative enforcement action, including potential additional penalties if they violate consent orders. Firms with securities operations in North Dakota should review their registration status and compliance programs to avoid similar enforcement.

What to do next

Verify securities registration status in North Dakota before conducting any securities transactions
Review compliance programs to ensure proper registration as issuer-dealer, broker-dealer, or agent where required
Do not engage in securities-related transactions in North Dakota without valid registration

Penalties

18-month prohibition from applying for registration and from offering, selling, or engaging in securities-related transactions in North Dakota; potential additional administrative action under N.D.C.C. Chapter 10-04 for violations

Source document (simplified)

AMS Holdings, LLC; and Bradley J. Stroup, aka Brad Stroup - Administrative Consent Order

<< All News Thursday, April 2, 2026 - 11:00 am **Categories:* Enforcement Actions* The North Dakota Insurance & Securities Department has entered a Consent Order with AMS Holdings, LLC and its principal, Bradley J. Stroup.
The Department determined that AMS Holdings and Stroup operated in North Dakota without being registered as an issuer‑dealer, broker‑dealer, or agent, as required under North Dakota securities law. The matter originated from a July 19, 2023 Cease and Desist Order issued by the then‑Securities Department relating to promissory‑note transactions executed on behalf of AMS.

Under the Consent Order:
• Stroup admits to the conduct identified in the Department’s prior order.
• Stroup agrees to an 18‑month prohibition from applying for registration with the Department under N.D.C.C. § 10‑04‑10.
• Stroup also agrees to an 18‑month prohibition from offering, selling, or engaging in any securities‑related transactions in North Dakota, including acting as an agent for AMS Holdings or any other entity.
• The Commissioner will rescind the July 19, 2023 order in its entirety as it relates to AMS Holdings and Stroup.
• Both the Commissioner and Stroup release all claims against one another arising from the prior administrative action.
• If Stroup violates the Consent Order, the Department may pursue additional administrative action under Chapter 10‑04.

The Department determined that resolving the matter through this Consent Order conserves resources, protects the public, and serves the interests of North Dakota investors.

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