Todd Berning at the KFGO studio in August 2023.
FARGO (KFGO) – A Williston couple and a Williston business are suing former EPIC CEO Todd Berning and associates in Cass County District Court for money owed.
The lawsuit says between 2022 and 2024, the couple invested $75,000 into Vison REIT, an EPIC-owned investment firm based in West Fargo, after seeing advertisements for investment opportunities. The couple received interest payments through April 2024, but received no payments after that.
In February 2024, WTS-ND Holdings in Williston invested $750,000 in Vison. WTS was informed that much of that money would be used to build an apartment complex in Minot. The land where the apartment was to be built still has not been redeveloped.
The lawsuit alleges that much of the invested money was transferred among EPIC Companies without the shareholders knowledge or permission. The lawsuit also says Vision did not properly document loaning or transferring the investments, or provide adequate security for the loans.
Both the Williston couple and WTS bought securities from Vision REIT, but the lawsuit says Vision failed to register with the North Dakota Securities Department and the Securities and Exchange Commission and therefore violated North Dakota Century Code. Attorneys say Vision and Meadowlark LLC, another investment company connected to EPIC, also violated Century Code by not registering as investment brokers or as investment advisors.
Both plaintiffs say they received no compensation after EPIC and its subsidiaries closed in May 2024. They are suing for full reimbursement.
The lawsuit lists several defendants, including Todd Berning, Vision REIT, and Meadowlark Advisor, LLC. It also includes former EPIC vice-president Brian Kounovsky, a Fargo realtor. Several directors of Vision are also defendants. Those include medical salesman Mark Fenstad, Dr. Christopher Crowe, a radiologist, developer Carrie Austin, real estate agent and former snowmobile racer Guy Useldinger, and financial consultant Brad Sunderland.
The sudden downfall of EPIC Companies has drawn heavy scrutiny. The once-prominent developer closed its West Fargo offices suddenly in May 2024. In July of that year, EPIC filed for Chapter 11 bankruptcy. Many contractors and investors are left looking for payments. Since then, EPIC, Berning, and EPIC associates have been sued multiple times for money owed.
In September 2024, attempts were made to serve papers to Berning, but he could not be located. He has yet to make any public comments since his companies folded.
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