The SEC obtained a temporary restraining order, asset freeze, and appointed a receiver to address the ongoing fraudulent activities led by Agridime’s owners, Josh Link of Gilbert, Arizona, and Jed Wood of Fort Worth.
The SEC’s complaint, filed on December 11, 2023, reveals that Agridime claimed expertise in meat sales, distribution, and animal supply chain management. The defendants attracted over 2,100 investors across 15 states, promising annual returns of 15-32 percent. However, the SEC alleges that the defendants diverted investor funds to make ponzi scheme payments and undisclosed sales commissions, using new investor funds to repay prior investors.
Eric Werner, Director of the SEC’s Fort Worth Regional Office, emphasized the defendants’ false promises, stating, “their promises of annual returns of 15-32 percent were, in the defendants’ own words, ‘too good to be true.'”
The SEC’s investigation indicates that Agridime fell short of its commitment to use funds for cattle-related activities, and the defendants failed to generate sufficient revenues from cattle operations to fulfill promised returns.
In addition to the emergency relief, the SEC seeks preliminary and permanent injunctions, disgorgement, prejudgment interest, civil penalties, and officer and director bars against Link and Wood. A hearing on the SEC’s motion for a preliminary injunction is scheduled for December 20, 2023.
The SEC acknowledges the cooperation of regulatory bodies, including the Arizona Corporation Commission, the North Dakota Securities Department, the Oklahoma Department of Securities, and the Texas State Securities Board, in its ongoing investigation.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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