EPISODE 49 DETAILS

Deal Reached On Sale Of Ponzi Scheme Cattle Company

Ponzi Scheme Cattle Company, Agridime, Has Been Sold

Ponzi Scheme Cattle Company Agridime Sells To North Dakota Investor

North Dakota rancher Wylie Bice and his partner are set to acquire Agridime, a beef marketing company exposed as a Ponzi scheme, for approximately $15.7 million. Now operating under the name American Grazed Beef, Agridime sells beef and other products directly to consumers online. Bice’s company, Sheer Marketing LLC, has already begun purchasing calves from North Dakota and other states for processing into steaks next year. A court hearing to approve the sale is scheduled for October 7, with objections allowed until October 2. Agridime, which owes millions to investors after collapsing due to its Ponzi scheme structure, has been under the supervision of a court-appointed receiver, Stephen Fahey. The SEC alleges Agridime raised $191 million from over 2,100 investors, with North Dakota investors owed about $40 million. The purchase includes the company’s frozen meat supply, equipment, and land in Kansas and Illinois, some of which may be sold. Bice aims to restore cattle processing to five or six semi-loads per week by next year and has seen a 38% rise in direct sales since the start of the year.  For the complete article, click HERE.

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REFERENCES

https://www.cattlebusinessweekly.com/articles/ponzi-scheme-company-selling-to-n-d-investor/

https://www.inforum.com/news/north-dakota/deal-reached-on-sale-of-ponzi-scheme-cattle-company-to-north-dakota-investor