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CATTLE FEEDING PONZI SCHEME FOUND IN TEXAS--AGRIDIME
Dec. 18, 2023
BrownfieldAgNews reports:
The Securities and Exchange Commission has frozen the assets of Texas-based Agridime LLC, a cattle company that purportedly specializes in meat sales and supply chain management.
Agridime is owned by Jed Wood, 62, of Fort Worth, Texas, and Josh Link, 30, of Gilbert, Arizona. Both are named as defendants in the case. Agridime was founded by the duo in 2017.
According to the SEC's complaint, the defendants have raised at least $191 million from more than 2,100 investors in at least 15 states. The defendants allegedly told investors Agridime would use the funds to acquire, feed, and raise cattle on its network of ranchers, but never purchased enough cattle to deliver on promised returns.
The complaint alleges that since December 2022, the defendants have used at least $58 million of new investor funds to make Ponzi payments to prior investors and more than $11 million to pay undisclosed commissions to salespeople, including owners Wood and Link, along with their spouses.
A hearing is set for December 20, 2023, on the SEC's motion for a preliminary injunction.
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