United States Commodity Futures Trading Commission (CFTC) Orders Texas-Based Cattle Trading Company Agridime to Pay $102 Million in Restitution & 2 Co-Founders to Return $2.2 Million for Operating Ponzi Scheme Investing in Cattle
17th June | Hong Kong
The United States Commodity Futures Trading Commission (CFTC) has ordered Texas-based cattle trading company Agridime to pay $102 million in restitution, and the 2 co-founders (Joshua Link & Jed Wood) to return $2.2 million (disgorgement) for operating Ponzi Scheme investing in cattle. United States CFTC (16/6/25): “The Commodity Futures Trading Commission today announced the U.S. District Court for the Northern District of Texas entered a final judgment and consent order imposing a permanent injunction and equitable remedies against Agridime LLC, a Texas firm now in receivership. The consent order requires Agridime to pay $102,936,904 in restitution and permanently enjoins Agridime from engaging in conduct that violates the Commodity Exchange Act and CFTC regulations, as charged, and permanently bans Agridime from registering with the CFTC and from solicitating and trading in any CFTC-regulated markets. The consent order further states the restitution obligation shall be satisfied by the collection efforts and resulting distributions by the receiver appointed in the parallel SEC action to defrauded customers. [SEC v. Agridime LLC, et al., 4:23-cv-01224-P (N.D. Tex. Dec. 11, 2023)] … … The CFTC also announced the court entered a final judgment by default against Agridime’s co-founders, Joshua Link and Jed Wood. The default judgment orders Link to pay disgorgement of $815,327.92 and Wood to pay disgorgement of $1,472,127.92. These disgorgement amounts represent gains received, respectively, by Link and Wood in connection with the violations alleged in the CFTC’s May 2024 complaint. [See CFTC Press Release No. 8911-24]. The default judgment further states that Link and Wood shall make payments of their disgorgement obligations, and any post-judgment interest payments, to the receiver for distribution to defrauded customers. The default judgment also permanently enjoins Link and Wood from further violating the CEA and CFTC regulations, as charged, and imposes trading and registration bans. The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. Case Background – The consent order and default judgment stem from a CFTC complaint filed against the defendants Agridime, Link, and Wood in May 2024. [See CFTC Press Release No. 8911-24]. The complaint alleged the defendants engaged in a scheme to defraud customers by soliciting, accepting, and using customer funds to pay other customers in the nature of a Ponzi scheme, rather than for the purposes Agridime said the funds would be used, in connection with contracts of sale of a commodity in interstate commerce (i.e., the customer’s purchase of cattle). According to the complaint, Agridime represented that customers’ funds would be used only for the purchase, raising, and feeding of the purchased cattle. Instead, because Agridime did not buy the number of cattle required to fulfill its obligations under the livestock contracts, Agridime had to use recently collected customers’ funds to pay the guaranteed profits of earlier customers. In addition, as further alleged in the complaint, customers’ funds were also used to pay millions in undisclosed commissions to Agridime personnel, including Link and Wood. Link’s and Wood’s disgorgement obligations are based on the gains they received in connection with their fraud, including undisclosed commissions.”
“ United States Commodity Futures Trading Commission (CFTC) Orders Texas-Based Cattle Trading Company Agridime to Pay $102 Million in Restitution & 2 Co-Founders to Return $2.2 Million for Operating Ponzi Scheme Investing in Cattle “
United States Commodity Futures Trading Commission (CFTC) Orders Texas-Based Cattle Trading Company Agridime to Pay $102 Million in Restitution & 2 Co-Founders to Return $2.2 Million for Operating Ponzi Scheme Investing in Cattle
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