SEC uncovers $191m cattle Ponzi scheme in Texas

The Securities and Exchange Commission (SEC) has obtained a temporary restraining order, asset freeze, the appointment of a receiver, and other emergency relief to halt an ongoing $191 million cattle Ponzi scheme by Texas-based Agridime LLC, which claims to specialize in meat sales, distribution, and animal supply chain management, and its owners, Josh Link, age 30, of Gilbert, Arizona, and Jed Wood, age 62, of Fort Worth. The SEC alleges that the defendants diverted millions of dollars of investor funds to make Ponzi payments and to pay undisclosed sales commissions to themselves and…