Fargo investment seller with history of fraud allegations faces regulatory action – InForum

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BISMARCK’s North Dakota Securities officials ordered Fargo’s Bradley J. Stroup to cease and desist from selling securities. Stroup allegedly sold over $350,000 in unregistered securities and was ordered to repay the investments.

Stroup is accused of selling securities in the form of promissory notes to funds associated with Fargo’s Jeremy L. Carlson and his company, Jamieson Capital Financial, both of which are subject to cease and desist orders.

The allegations were announced Wednesday, July 19 by the North Dakota Department of Securities.

Stroup is a former Fargo bar owner and Moorhead High School social studies teacher who was accused of defrauding an Oklahoma State University football official out of $570,000 in 2008, according to Forum records. He once owned the old 21st Amendment bar in downtown Fargo.

He pleaded no contest and was ordered to repay more than $630,000 in restitution in 2012 for defrauding the football official.

Carlson and Jamieson Capital Financial are named in four orders issued by state securities regulators, including one earlier this year ordering them to cease and desist from selling $25 million in unregistered securities and imposing a civil penalty of $2.8 million.

North Dakota securities regulators allege that Stroup and AMS Holdings, a company he controlled, sold $351,335 in promissory notes in 16 transactions to Jamieson CAPEX Fund and Jamieson Natural Resources, two private funds operated and controlled by Carlson.

During the period that Carlsons Jamieson CAPEX and Jamieson Natural Resources purchased Stroup’s promissory notes, from January 2019 to January 2022, Stroup was subject to an unpaid monetary court judgment which, including accrued interest, amounted to over $29,600.

Stroup and AMS Holdings have also been named in a mortgage foreclosure action on a Jamieson CAPEX property in Fargo.

Stroup and AMS failed to pay principal and interest owed to Jamison CAPEX and Jamieson Natural Resources, according to securities officials, who ordered Stroup and AMS to repay in full the amount owed for illegally obtained investments.

Meanwhile, the securities orders involving Carlson and Jamieson Capital Financial are due before an administrative judge at a hearing scheduled for September 26. The hearing will also address related allegations against Michael Kuntz.

The security allegations against Stroup stem from the investigation of Carlson and Jamieson Capital Financial.

We’re continuing to flesh out these little ancillary issues,” Carl Karpinski, enforcement attorney with the North Dakota Department of Securities, said Wednesday, July 19.

In April, Carlson was removed from managing funds at Jamieson Capital Financial, according to lawyers involved in efforts to protect investors’ funds.

Separately, several investors have sued Carlson and Jamieson Capital Financial to recover investments in ongoing cases in Cass County District Court that have yet to be decided.

Stroup was also named in a cease and desist order by North Dakota securities officials in 2010, alleging selling unregistered securities, acting as an unregistered securities agent, and violating anti-fraud prohibitions in the state’s securities law.

Patrick Springer first joined The Forum in 1985. He covers a wide range of topics including health care, energy and demographic trends. Email: [email protected] Phone: 701-367-5294

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