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EPISODE 86 DETAILS

Agridime Order To Pay Millions In Cattle Ponzi Scheme

A Texas federal court has issued a final judgment against Agridime LLC, a Fort Worth-based company, permanently banning it from commodity trading. The ruling also mandates the company to pay more than $102.9 million in restitution to defrauded customers, according to recent court documents.

CFTC Alleges $161 Million Cattle Investment Fraud

The final judgment stems from a May 2024 complaint filed by the Commodity Futures Trading Commission (CFTC). The CFTC alleged that Agridime, along with co-founders Joshua Link and Jed Wood, orchestrated a cattle investment scheme that defrauded over 2,000 individuals out of approximately $161 million.

According to the CFTC, Agridime falsely marketed cattle investment opportunities by promising annual returns between 15% and 32% on $2,000 cattle purchases. The company allegedly used funds from new customers to pay existing investors, a structure that resembles a classic Ponzi scheme.

Insider Commissions and Misuse of Funds Revealed

The court filings also revealed that Agridime insiders diverted approximately $11 million in undisclosed commissions. These insider payments were never disclosed to investors, contributing further to the scheme’s deception and financial harm to participants.

Agridime Settles Case Without Admitting or Denying Allegations

Agridime LLC settled the case with the CFTC without admitting or denying the allegations. As part of the settlement, the company agreed to:

• Permanent injunctive relief
• Waiver of its right to appeal
• A permanent ban from commodity trading
• Prohibition on soliciting investment funds or acting in any CFTC-registered capacity
• A ban on publicly denying the CFTC’s allegations

The company must also ensure that all employees and agents comply with the judgment’s terms.

Agridime Banned from Commodity Markets for Good

With the court’s final ruling, Agridime is permanently banned from participating in any form of commodity trading. This includes solicitation of funds, registration with the CFTC, and any related investment activity. The CFTC emphasized that the company’s future conduct will be closely monitored to ensure compliance.

REFERENCE: https://meatingplace.com/Industry/News/Details/119607

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