Armstrong Appoints new Securities Department Head

Tim Karsky, profile photo. (Contributed/Armstrong transition team via the North Dakota Monitor)

(Michael Achterling – North Dakota Monitor) – Gov.-elect Kelly Armstrong appointed Tim Karsky to be the next head of the North Dakota Department of Securities.

Karsky served as North Dakota’s top banking regulator as commissioner of Financial Institutions for nearly a decade before leaving the position in 2010. As securities commissioner, he will oversee the enforcement, registration and corporate finance divisions of the department, according to a news release from the Armstrong transition team on Friday.

Karsky will replace Securities Commissioner Karen Tyler, who worked in the role for the last 23 years for three different North Dakota governors. Tyler also was named interim executive director of the North Dakota Industrial Commission in August 2022, with the commission voting last June to remove interim from her title.

Tyler will remain the executive director of the North Dakota Industrial Commission, said Jacy Schafer, spokesperson for the Armstrong transition team.

After working for the state, Karsky became market president for Starion Financial in Bismarck. He later held management and regulatory compliance roles at Choice Bank and Eide Bailly.

“Tim Karsky’s understanding of financial oversight and his dedication to public service make him the obvious choice to lead North Dakota’s Securities Department,” said Armstrong in a statement. “Tim will ensure that our securities markets remain transparent and robust, providing opportunities for growth while protecting our state’s investors.”

One of Karsky’s roles will be to ensure securities offerings and sales are in compliance with state law. He also will be charged with registering and supervising firms and individuals who sell securities or offer investment advice to North Dakotans, according to the news release.

“I look forward to ensuring that our financial markets remain strong and secure for businesses and families alike,” Karsky said in a statement.