North Dakota AG finds substantiation of self-dealing allegations at F5 Project

The North Dakota Attorney General announced on September 23, 2026, that allegations regarding F5 Project had been substantiated through a months-long investigation. The inquiry found that Chief Executive Officer Adam Martin and Chief Development Officer Scott College received over $89,000 in loans from the Fargo-based non-profit, which were described as wage advances. These loans were taken without authorization from the F5 Board and lacked a repayment schedule. Furthermore, a review of real estate transactions between F5 Project and a company owned by Martin and College raised concerns about conflicts of interest.

The investigation found that the leaders' actions constituted self-dealing in violation of North Dakota law. The findings were disclosed in F5 Project's 2024 tax filings. As part of the resolution, F5 Project entered into an agreement with the North Dakota Attorney General's Office requiring quarterly compliance checks and annual board votes on its budget.