The Securities and Exchange Commission has issued a cease-and-desist order against Agridime, LLC. The Texas-based company was doing business in North Dakota and allegedly was behind a massive cattle Ponzi scheme. According to the SEC, Agridime secured more than $191 million from 2,100 investors in 15 states. The company ran ads promising annual returns for 15-to-32 percent related to the purchase of cattle. The SEC froze Agridime assets after it reportedly continued to sell cattle contracts in North Dakota and Arizona after it had been told to stop. With this legal action, the North Dakota Department of Agriculture also denied Agridime’s state livestock dealer license.
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