FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2019062086201 TO: Department of Enforcement Financial Industry Regulatory Authority (FINRA) RE: James R. Hedges IV (Respondent) Former Private Securities Offerings Representative CRD No. 2326924 Pursuant to FINRA Rule 9216, Respondent James R. Hedges IV submits this Letter of Acceptance, Waiver and Consent (AWC) for the purpose of proposing a settlement of the alleged rule violations described below.

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 90737 / December 21, 2020 Admin. Proc. File No. 3-19138 In the Matter of the Application of BRUCE ZIPPER and DAKOTA SECURITIES INTERNATIONAL, INC. For Review of Disciplinary Action Taken By FINRA OPINION OF THE COMMISSION REGISTERED SECURITIES ASSOCIATION - REVIEW OF DISCIPLINARY PROCEEDING Registered securities association expelled firm from membership in association, and