News Release

Phoenix, Ariz. - The Commodity Futures Trading Commission recently announced it filed a civil enforcement action in the U.S. District Court for the Northern District of Texas against Agridime LLC, a Texas corporation founded by Joshua Link of Gilbert, Arizona, and Jed Wood of Fort Worth, Texas.

The Arizona Corporation Commission first issued a temporary cease-and-desist order in April 2023 that barred Agridime and Link from selling unregistered securities and committing securities fraud. Agridime operated an online platform that allowed customers to buy and sell cattle, along with a storefront location in Gilbert, Arizona.  In addition to the Arizona Securities Act violations, the ACC has also filed a civil lawsuit against Agridime in the Maricopa County Superior Court.  Both cases are still pending.  In December 2023, the Securities and Exchange Commission froze the company’s assets alleging Agridime fraudulently sold securities in cattle contracts as part of a $191 million Ponzi scheme.

The ACC Securities Division brought the case to the attention of the CFTC.  The CFTC complaint alleges the defendants engaged in a scheme to defraud thousands of customers in at least 14 states by using customers’ funds to pay undisclosed commissions and profits to earlier customers, rather than for the purposes Agridime claimed those funds would be used.  The CFTC complaint alleges that from approximated 2021 until December 2023, the defendants received more than $161 million from over 2,000 customers.  The CFTC is seeking restitution to defrauded customers, civil monetary penalties, trading bans, and a permanent injunction against further regulatory violations.

Documents related to the ACC case can be found at https://edocket.azcc.gov, docket number S-21240A-23-0097.  In Maricopa County Superior Court, the case number is CV2023-017840.