EPIC Management, Todd Berning - Stop Order Issued by ND

enforcement-actions

Filed September 18th, 2025

Detected March 17th, 2026

Summary

The North Dakota Securities Department has 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, transparency, and operations, and aims to protect investors.

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What changed

The North Dakota Securities Department has issued a Stop Order against EPIC Management, LLC and its executive officer, Todd Berning, mandating an immediate cessation of all offerings and sales of membership interests in the company. This enforcement action is based on concerns regarding speculative information about the company's financial condition, assets, and management, as well as issues with leadership, transparency, and operations, as detailed under Chapter 10-04 of the North Dakota Century Code.

Respondents EPIC Management, LLC and Todd Berning must cease all relevant sales activities immediately. They have the right to request a hearing before the Commissioner within 15 days of receiving the order. While existing investments in real-estate holdings are not affected, failure to comply with the stop order could lead to further regulatory action and penalties, underscoring the critical need for immediate compliance to protect investors.

What to do next

Immediately cease offering or selling membership interests in EPIC Management, LLC.
Review the order and determine if a hearing is required within 15 days of receipt.
Consult legal counsel regarding compliance with North Dakota Century Code Chapter 10-04.

Penalties

Cease and desist from offering or selling membership interests. Potential for further penalties if non-compliance continues.

Source document (simplified)

EPIC Management, LLC & Todd Berning - Stop Order Issued

<< All News Thursday, September 18, 2025 - 01:00 am **Categories:* Enforcement Actions* View PDF

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.

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