“You Were Never Buying Beef” — Agridime’s $191 Million Meat Mirage Explodes in Court

In one of the most brazen agricultural frauds in recent memory, Agridime LLC—a Fort Worth–based cattle investment startup—has been ordered to pay $102,936,904 in restitution after a federal court declared the company operated a Ponzi scheme from October 2021 to December 2023.

According to final judgments from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), Agridime raised $161 million (CFTC) to $191 million (SEC) from more than 2,000 investors across 14 states, promising annual returns of 15% to 32% on “buy-a-cow” livestock contracts.

The problem? The cattle weren’t real—at least not in the volume required to fulfill obligations. What was real: the commissions, payouts, and damage.

The Setup

Agridime marketed itself as a cattle supply chain disruptor. Customers could “buy” a steer, have it raised, and receive their principal plus profits after processing. But beneath that patriotic pitch was an elaborate shell game.

As detailed in the CFTC’s May 2024 complaint, Agridime routinely misrepresented how customer funds were used. Instead of purchasing and raising livestock, the company paid off early investors with money from new ones. The scheme also funneled over $11 million in undisclosed commissions to insiders—most notably, Agridime’s co-founders Joshua Link and Jed Wood.

The Scam

The court didn’t mince words. On June 13, 2025, the Northern District of Texas entered a consent order against Agridime and a default judgment against Link and Wood.

Key penalties include:

• $102.9 million restitution against Agridime, to be distributed by a receiver.
• Permanent bans on trading, soliciting, or registering with the CFTC.
• Disgorgement of $815,327.92 (Link) and $1,472,127.92 (Wood), representing fraudulent gains.

The court also noted that the restitution obligations will likely not be fully repaid, citing asset shortfalls and frozen accounts.

The Fallout

The fraud hit especially hard in ranching states like North Dakota, where investors alone are owed over $40 million, according to court-appointed receiver Stephen Fahey.

In a partial recovery move, Agridime’s assets—including meat inventory, processing equipment, and land—were sold in September 2024 for $15.7 million to ranchers Wylie Bice and Randy Quarne, who now operate as American Grazed Beef. The new entity agreed to share 20% of future profits over five years to help offset investor losses.

But with the core fraud spanning nearly two years and involving tens of millions in recycled funds, the clawback likely won’t come close to full restitution.

The Pattern

Agridime wasn’t the first cattle Ponzi. It follows the same pattern as the Brian McClain “ghost cattle” scheme out of Kentucky, which used fake loan documents to swindle banks.

Both cases relied on one thing: rural credibility and lack of oversight.

According to research published in the Journal of Financial Crime, commodity-based Ponzi schemes routinely exploit trust in physical assets like livestock, often evading scrutiny through low-regulation platforms.

The Cover-Up

Despite the scale, Agridime operated openly for years—filing with state agencies, advertising online, and issuing investor contracts under SEC and USDA-adjacent language. The SEC didn’t file until December 2023, and the CFTC followed months later, suggesting a troubling lag in response time.

Even the CFTC’s own press release now admits:

“Orders requiring repayment… may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets.”

Final Cut

Agridime used cattle contracts to sell fantasy. Investors thought they were backing America’s ranchers. In truth, they were propping up an elaborate lie—while insiders cashed out.

The beef was real only in the photos. The profits were real only for the first ones in. And the warning is now official:

Verify before you buy. Because in this economy, not every cow is what it seems.

Looking for real ranchers, not fake cattle schemes? BeefMaps.com connects you directly to verified local producers—no middlemen, no Ponzi games.