New Ownership for Controversial Beef Company

A Killdeer, North Dakota rancher, Wylie Bice, and his business partner from Texas, will pay nearly $16 million for Agridime. According to North Dakota Monitor, this beef marketing company allegedly raised $191 million from 2,100 investors in 15 states in a Ponzi scheme. A court hearing to approve the sale is scheduled this week. The purchase agreement reportedly plans to give investors 20 percent of profits over five years. Agridime is now doing business as American Grazed Beef.