Restitution Ordered in Agridime Ponzi Scheme

A Texas-based cattle marketing company must pay $103 million in restitution to customers who were defrauded by a Ponzi scheme. The Commodity Futures Trading Commission brought the case against Agridime. This company allegedly raised money from 2,100 cattle market investors in 15 states, claiming guaranteed returns of 15-to-32 percent. A North Dakota investor group was in talks to purchase Agridime and American Grazed Beef LLC, but DTN reports that sale is not happening.