(Bismarck, ND) -- North Dakota officials are ordering a Fargo man and a company under him to stop the sale of at least $200,000 in promissory notes
The North Dakota Securities Commission is ordering Michael J. Rydell of Fargo and a company under his control, Ireland & Sando, LLC, to cease and desist from the alleged sale of at least $200,000 in unregistered promissory notes. Rydell is also being told to stop acting as an unregistered agent in securities transactions and as an unregistered investment adviser representative. The ND Securities Commission claims Rydell has received $59,250 in payments via commissions and fees.
Additionally, Rydell is accused of finding investors to purchase membership interests in two private funds owned by Jeremy L. Carlson through his investment advisor firm Jamieson Capital Financial, LLC. Approximately 3% of investor funds were then used to pay Rydell's commission fees, with an additional $5,000 in advisory fees being paid to Rydell as well. In a separate transaction, the ND Securities Commission claims Rydell's firm, Ireland & Sando sold the $200,000 promissory note to a private fund entity operated and controlled by Carlson. The Commission says fees, including principal and interest, has yet to be paid by Rydell and Ireland & Sando. The $200,000 note is the only transaction the Securites Office was able to confirm to us when we spoke to them earlier today.
WDAY Radio is reaching out to the ND Securities Office for additional information
You can read previous reporting on a cease and desist letter sent to Jeremy L. Carlson and Jamieson Capitol Financial, LLC, by clicking here. WDAY Radio is continuing to follow this story.