InvestorTrustHub · Minnesota

Minnesota Investment Adviser & Securities Intelligence

The Securities Unit of the Minnesota Department of Commerce is the state securities regulator under the Minnesota Uniform Securities Act (Minn. Stat. ch. 80A). IARD and CRD are filing infrastructure; IAPD and BrokerCheck are public research tools. None of them is the regulator. A Minnesota state investment adviser is not an SEC-registered adviser with a Minnesota notice filing, not an exempt reporting adviser, and not simply a firm with a Minnesota office. A representative or agent is a person, not a firm. A broker-dealer is not an investment adviser. There is no combined Minnesota adviser total. This page does not rank advisers, give investment advice, or publish a Trust Score.

We organize the evidence. You decide.

Research Minnesota-headquartered SEC/IARD firms Verify on IAPD

Minnesota State Investment Advisers

333

IAPD Minnesota state IA (APPROVED)

Distinct firm CRDs with StateRgstn/Rgltr/@Cd=MN and status APPROVED.

Trace this number

Source. https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_FIRM_STATE_Feed_09_17_2026.xml.gz

Source date. 2026-09-17

Coverage. ACQUIRED_IAPD_STATE_COMPILATION

Grain. state investment adviser firm; registration jurisdiction = MN

Calculation. 335 MN StateRgstn rows: 333 APPROVED, 2 TERMREQUEST (termination requested), 0 CONDREST. Filter is Rgltr/@Cd=MN, not address; 122 of the 335 list a Minnesota main office.

Caveat. Minnesota state IA registration is not SEC registration, not a federal notice filing, not ERA, and not a principal office. TERMREQUEST rows are reported separately; verify current status on IAPD. APPROVED is the IAPD status text, not an endorsement.

Minnesota registers investment advisers under Minn. Stat. 80A.58; firms file Form ADV on IARD. IAPD records the credential with the status text APPROVED, which is not an endorsement. The 2 firms with termination requested are reported separately and not counted as current.

Exempt Reporting Advisers

Minnesota exempt reporting advisers

ERA/Rgltr/@Cd=MN, ACTIVE. Not a Minnesota-registered IA and not an SEC RIA.

Trace this number

Source. IA_FIRM_STATE_Feed_09_17_2026

Source date. 2026-09-17

Coverage. ACQUIRED_IAPD_STATE_COMPILATION

Grain. ERA/Rgltr/@Cd=MN

Calculation. 53 distinct firm CRDs, all ACTIVE; overlap with Minnesota state IA = 0.

Caveat. An exempt reporting adviser is not a Minnesota-registered IA and not an SEC RIA. Minn. Stat. 80A.58 provides exemptions from investment-adviser registration; reporting is not registration.

Federal Notice Filings

2,075

SEC-registered advisers with a Minnesota notice filing

NoticeFiled/States/@RgltrCd=MN, FILED. Not Minnesota state IA.

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Source. https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_FIRM_SEC_Feed_09_18_2026.xml.gz

Source date. 2026-09-18

Coverage. ACQUIRED_IAPD_SEC_COMPILATION

Grain. NoticeFiled/States/@RgltrCd=MN and status FILED

Calculation. 2075 distinct CRDs, all SEC-registered. 273 notice filers list a Minnesota main office. Exact CRD intersection with APPROVED state IA = 5 (106604, 131425, 173350, 299012, 313361). That intersection is a cross-clock comparison of 2026-09-17 and 2026-09-18, not a combined total.

Caveat. A notice filing is not Minnesota state IA registration. The accepted IA_FIRM_SEC_Feed_09_17_2026 is no longer served by IAPD; the 2026-09-18 feed (SHA-256 recorded in the census) carries this lens on its own clock, as in NV-INV-001.

This count comes from the 2026-09-18 SEC compilation (Minn. Stat. 80A.60 (federal covered investment adviser notice filing)); the state IA and ERA counts come from the 2026-09-17 state compilation. They are different source dates and are never added.

5 exact firm CRDs (106604, 131425, 173350, 299012, 313361) appear in both the 2026-09-17 Minnesota APPROVED state-IA set and the 2026-09-18 Minnesota FILED federal-notice set. This is an exact CRD intersection and a cross-clock comparison. It is not a deduped Minnesota adviser total. Do not add these 5 CRDs to, or subtract them from, the 333 or the 2,075 to manufacture another denominator.

Principal Office

293

SEC/IARD roster firms with a Minnesota principal office

Geography only. Not Minnesota registration and not a notice filing.

Trace this number

Source. SEC IARD firm compilation / reconciled roster geography

Source date. 2026-08-27

Coverage. National roster overlay

Grain. SEC IARD roster firm with principal-office region = MN

Calculation. COUNT of roster firms with principal-office region MN = 293. Raw 2026-09-18 compilation MainAddr/@State=MN = 293.

Caveat. A Minnesota principal office is not Minnesota state IA registration and is not a notice filing. These firms already exist in the federal graph.

IAR

An investment adviser representative registers with Commerce by filing Form U4 on CRD (Minn. Stat. 80A.58 and 80A.61). A representative is a person with a person CRD, which is never a firm CRD. InvestorTrustHub does not publish a Minnesota representative directory, and representatives are never added to firm counts. Verify a representative on IAPD.

Broker-Dealers / Agents

Broker-dealers and their agents must be registered or exempt under Minn. Stat. 80A.56 and 80A.57 and apply through CRD. A broker-dealer is a firm and is not an investment adviser; an agent is a person and is not an investment adviser representative. Verify either on BrokerCheck. A Minnesota-only broker-dealer or agent bulk roster was not acquired, so this page has no broker-dealer or agent count.

Minnesota Commerce Securities Unit

The Minnesota Department of Commerce, Securities Unit administers Minnesota Uniform Securities Act (Minn. Stat. ch. 80A) and Minnesota Rules chapter 2876 for the Commissioner of Commerce. Its programs include investment advisers and representatives, broker-dealers and agents, securities offerings, franchises, subdivided land and timeshares, and MNvest. FINRA operates CRD and IARD; it is not the Minnesota regulator. Statute retrieved 2026-09-26. Minnesota's Safe Senior Financial Protection Act is regulatory context only; referrals are not counted as enforcement.

Enforcement

From Commerce's CARDS index, industry type Securities, signed 2022-01-28 through 2026-06-24 (retrieved 2026-09-26; PARTIAL): 43 actions. 40 are securities matters (2022: 8 · 2023: 6 · 2024: 6 · 2025: 10 · 2026: 10); 3 belong to other Securities Unit programs (subdivided land, timeshares) or a lending licence and are labelled, not counted as securities. Action types are shown as Commerce lists them; a consent order is a settlement and is not by itself an adjudicated finding. Each row is one Commerce document, not a unique matter. 42 of 43 order PDFs have no usable text layer. The remaining text-layer PDF (426525-A) was not read. OCR was not run, so identifiers inside the order documents were not acquired. 0 rows print a firm CRD that matches an IAPD firm; nothing is attached to a firm or person by name. Mortgage, insurance, banking, Attorney General, and court actions are not substituted.

Commerce CARDS, industry type Securities. Respondents as listed; not findings unless the order says so.
Signed	Respondent (as listed)	Action type	Allegation (as listed)	Document
2026-06-24	THIELEN, TYREE KENNET	Summary Order	Unregistered investment adviser and investment adviser services and fraud and liability violations.	531380-A
2026-06-24	INVESTOTECHO, LLC	Summary Order	Unregistered investment adviser and investment adviser services and fraud and liability violations.	531164-A
2026-06-03	TRADING 4 TIME ADVISORS, LLC	NI-Cease Desist/Consent	Respondents engaged in unregistered securities and investment advisor activities, violating Minn. Stat. 80A.56 (2024) and 80A.58 (2024); Respondents offered and sold unregistered securities, violating Minn. Stat. 80A.49 (2024); Respondent	525174-A
2026-06-03	JOHNSON, ROBBIE GARNET	NI-Cease Desist/Consent	Respondents engaged in unregistered securities and investment advisor activities, violating Minn. Stat. 80A.56 (2024) and 80A.58 (2024); Respondents offered and sold unregistered securities, violating Minn. Stat. 80A.49 (2024); Respondent	525175-A
2026-06-03	TRIPLE J ENTERPRISES, LLC	NI-Cease Desist/Consent	Respondents engaged in unregistered securities and investment advisor activities, violating Minn. Stat. 80A.56 (2024) and 80A.58 (2024); Respondents offered and sold unregistered securities, violating Minn. Stat. 80A.49 (2024); Respondent	525173-A
2026-05-21	RBC CAPITAL MARKETS, LLC	CONSENT ORDER	Respondent charged unreasonable commissions and failed to provide reasonable supervision.	522505-A
2026-05-11	ULLAND INVESTMENT ADVISORS, LLC	CONSENT ORDER	Respondents provided investment advice to consumers of Minnesota as an investment adviser or investment adviser representative without being registered or exempt, in violation of Minn. Stat. § 80A.58(a) (2024).	522341-A
2026-04-15	HARD MONEY PARTNERS LLC	NI-Cease Desist/Consent	Respondent engaged in unregistered securities and investment advisor activities, violating Minn. Stat. 80A.56 and 80A.58 (2024); Respondent offered and sold unregistered securities, violating Minn. Stat. 80A.49 (2024).	524628-A
2026-04-15	SMITH, STAN J	NI-Cease Desist/Consent	Respondent engaged in unregistered securities and investment advisor activities, violating Minn. Stat. 80A.56 and 80A.58 (2024); Respondent offered and sold unregistered securities, violating Minn. Stat. 80A.49 (2024).	524627-A
2026-03-03	SHARIEFF, SHOEB	CONSENT ORDER	Allegation that Respondent offered unregistered securities to Minnesota investors without a qualifying exemption.	515840-A
2025-12-24	LPL FINANCIAL, LLC	CONSENT ORDER	Failed to ensure certain equity transactions were executed at a fair and reasonable price.	508360-A
2025-11-17	EDWARD D. JONES & CO., L.P.	ADMINSTRATIVE CONSENT ORDER	Failed to ensure certain equity transactions were executed at a fair and reasonable price.	505535-A
2025-10-08	STIFEL, NICOLAUS & COMPANY, INC	CONSENT ORDER	Failure to supervise.	508437-A
2025-10-06	TD AMERITRADE, INC	CONSENT ORDER	Supervision failures.	507902-A
2025-08-20	LOCH, JAY M	NI-Action Taken	Demonstrated incompetence by conducting the transfer of assets from an elderly client's trust account to the personal account of the client's Attorney-In-Fact.	498976-A
2025-08-20	RBC WEALTH MANAGEMENT	NI-Action Taken	Failed to reasonably supervise a Financial Advisor subject to its supervision.	496893-A
2025-06-30	VERSARA LENDING, LLC · regulated lender licence	NI-Action Taken	FOFCOL upheld revocation of Respondent's regulated lender license.	491270-A
2025-05-07	BERG, RAYMOND JOSEPH	NI-Revocation/Consent	Misrepresentation of Unsuitable Securities; Failure to Comply with Commissioner Request for Information	482202-A
2025-04-28	THE VANGUARD GROUP, INC.	NI-Cease Desist/Consent	Failure to supervise and financial irresponsibility.	481123-A
2025-02-05	STOVALL, NICK	NI-Action Taken	Participated in an unregistered securities offering without employer approval and recommended unsuitable investments to advisory clients resulting in substantial losses.	471362-A
2025-01-27	EDWARD D JONES & CO LP	NI-Action Taken	Failure to provided suitable investment recommendations and violations of fiduciary responsibilities.	469178-A
2024-08-13	EDWARD D JONES & CO LP	NI-Civil Penalty / Agreement	Respondent entered a Civil Penalty Agreement with a $2000 fine for providing incorrect account information to a customer.	448449-A
2024-04-24	ELLING, DANIEL	NI-Cease Desist/Consent	Sale of non-traded stock.	432571-A
2024-02-16	TRUE BULLION	CONSENT ORDER	Unregistered activity	421802-A
2024-02-13	KEEP SAFE INVESTMENTS, LLC	NI-Action Taken	Omission of material facts, acting untrustworthy and impermissibly borrowing client funds.	417337-A
2024-02-13	BERGE, KRISTI	NI-Action Taken	Omission of material facts, acting untrustworthy and impermissibly borrowing client funds.	417336-A
2024-01-31	TRADESTATION CRYPTO, INC.	NI-Action Taken	Unregistered securities sales.	417182-A
2023-12-14	RAYMOND JAMES & ASSOCIATES, INC.	NI-Action Taken	Charging unreasonable commissions.	413116-A
2023-12-14	RAYMOND JAMES FINANCIAL SERVICES, INC.	NI-Action Taken	Failure to supervise.	413038-A
2023-07-31	ROBINHOOD FINANCIAL LLC	Cease Desist/Consent	Failure to supervise.	330943-A
2023-03-20	LEAR CAPITAL, INC.	NI-Action Taken	Settlement offers with the specific amount of refund have begun under the terms of the multi-state agreement signed earlier this year for unregistered securities activity. 80A.56.	411999-A
2023-03-13	CHAINESTATE	Cease Desist/Consent	Consent order with $1,000 stayed penalty, cease and desist, offer to repurchase any holder or Respondent's CHEZ tokens.	314221-A
2023-03-09	NEXO CAPITAL, INC	Cease Desist/Consent	Respondent engaged in unregistered securities activity.	313358-A
2022-10-25	AIKEN, GARY R	Other/Consent	Order to show cause issued 1/4/2022 is vacated; Respondents will cease and desist from violating any laws, rules or orders under Minn. Stat. Ch 45.	293349-A
2022-10-25	TONKA FINANCIAL SERVICES CORPORATION	Other/Consent	Order to show cause issued 1/4/2022 is vacated; Respondents will cease and desist from violating any laws, rules or orders under Minn. Stat. Ch 45.	293350-A
2022-08-25	TABER, RANDYL R	Monetary Penalty	Respondent impersonated a client on a call with an insurance company, in violation of Minn. Stat. §§ 60K.43, subd. 1(8) and 80A.67, subd. d(5)(C) (2020); and Minn. R. 2795.1000 (2021).	289415-A
2022-08-05	ALPHAQUEST PARTNERS LLC	Other/Consent	Original order was amended that effective immediately revoked the registrations of AlphaQuest Partners and Wayne Eskew and cease and desist engaging in securities activity in Minnesota. Amended order also requires restitution be made accor	283232-A
2022-06-07	WESSELT, RICHARD M	Revocation/Consent	Securities registration CRD no. 2195569 retroactively revoked as of November 9, 2020; Respondent permanently barred from (i) engaging in any activity in Minnesota regulated by the Commissioner and (ii) applying for licensure for any activi	278593-A
2022-04-27	VACATION QUARTERS · timeshare (subdivided land and timeshare program)	Cease Desist/Hearing	RESPONDENT ENGAGED IN UNLICENSED AND FRAUDULENT ACTIVITY BY PORTRAYING THEMSELVES AS BEING LICENSED AND ABLE TO HANDLE TRANSACTIONS OF TIMESHARE SALES, LEASING OR PURCHASE.	273332-A
2022-04-14	ZAEHRINGER, RICHARD S	Other/Consent	Unregistered agent sold securities,	271755-A
2022-03-18	BLOCKFI LENDING LLC	Cease Desist/Consent	Respondent engaged in unlicensed and unregistered sales of securities in violation of Minn. Stat. 80A.49, 80A.56, and 80A-68(2)	426525-A
2022-02-10	TIFFANY, JESS	Cease Desist/Consent	unlicensed solicitation of virtual currency	262709-A
2022-01-28	PILGRIM POINT SHORES LLC · subdivided land (Minn. Stat. 83.23)	Cease Desist/Consent	Respondent offered and sold unregistered subdivided land in violation of Minn. Stat. 83.23.subd 1.	260868-A

Complaints

Commerce takes investor complaints; its complaint form lists Securities as a complaint type. No provider-level complaint dataset is published, so this page has no complaint count, and complaint outcomes are not public in bulk. A complaint is not an order or a finding.

Limitations

Do not add state IA + ERA + notice + principal office, or advisers + representatives + broker-dealers + agents.
The 5 exact-CRD cross-clock overlap is a relationship between the 2026-09-17 state-IA lens and the 2026-09-18 notice lens. It is not another census.
There is no single Minnesota source date: state IA and ERA 2026-09-17, notice 2026-09-18, principal-office roster 2026-08-27, Commerce actions by signed date.
CARDS actions before 2022, order text, and other industry types were not acquired. Missing is not zero, and not a clean record.
Minneapolis, St. Paul, Rochester, Duluth and other cities are geography, not InvestorTrustHub intelligence routes.
Securities offering registrations, MNvest, franchises and subdivided land were not acquired as rosters.
No Trust Score. No AggregateRating. No ranking. No investment advice.