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A pair of western ranchers have been accused of running a $191 million Ponzi scheme by offering big returns for purchasing cattle but never buying enough to make legitimate payouts, federal regulators said.
The Securities and Exchange Commission says Josh Link, 30, of Gilbert, Arizona, and Jed Wood, 62, of Fort Worth, Texas, set up Agridime LLC in 2017 as a vehicle for cattle investments, claiming to offer returns as high as 32%.
The deal was simple: For $2,000, investors purchased the rights to a head of cattle, which Agridime would raise and feed. The investor would collect their profits when the animal was slaughtered and sold for meat, according to an SEC lawsuit filed in federal court in Texas.
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