FT. WORTH, TEXAS – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Joshua Linkof Gilbert, of Arizona, and Jed Wood, of Ft. Worth, Texas, alleging they defrauded thousands of customers through a Ponzi scheme operated under the guise of cattle trading. The complaint, filed in the U.S. District Court for the Northern District of Texas on May 14, 2024, accuses the pair and their company, Agridime LLC, of misappropriating over $161 million from more than 2,000 customers across at least 14 states.
Agridime, an online platform, advertised guaranteed annual returns of 15% to 20% to investors who believed they were purchasing cattle. Customers were led to believe their $2,000-per-head investments would fund the purchase, raising, and feeding of livestock, with Agridime handling all the logistical work. However, the CFTC alleges that Agridime did not purchase a sufficient number of cattle to meet its obligations.
Instead of utilizing customer funds for cattle, the company allegedly operated a Ponzi scheme, using money from newer investors to pay profits to earlier investors. The CFTC also claims that approximately $11 million in customer funds were diverted to pay undisclosed commissions to Agridime personnel, including Gilbert, his wife, and Wood. The scheme ran from approximately 2021 until December 2023.
The CFTC is seeking restitution for defrauded customers, alongside civil monetary penalties, trading bans, and a permanent injunction to prevent further violations of the Commodity Exchange Act (CEA) and CFTC regulations. The investigation received assistance from the Arizona Corporation Commission, Securities Division, and the Securities and Exchange Commission.
The case is being pursued by Janine Gargiulo, Nicole Buseman, Judith M. Slowly, Trevor Kokal, David W. MacGregor, Lenel Hickson, Jr., and Manal M. Sultan of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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