A civil enforcement action has been filed by the Commodity Futures Trading Commission (CFTC) in the U.S. District Court for the Northern District of Texas against Agridime LLC, a Texas corporation, and its co-founders, Joshua Linkof Gilbert of Arizona and Jed Wood of Fort Worth, Texas. The CFTC alleges the defendants orchestrated a Ponzi scheme that defrauded thousands of customers across at least 14 states.
According to the complaint, Agridime solicited over $161 million from more than 2,000 customers between approximately 2021 and December 2023. The company claimed these funds would be used to purchase cattle, allowing customers to profit from the livestock market without the responsibilities of animal care. Agridime advertised guaranteed annual returns of 15% to 20%.
However, the CFTC alleges Agridime did not purchase enough cattle to meet its obligations. Instead, the company used funds from newer investors to pay profits to earlier investors – a classic hallmark of a Ponzi scheme. The complaint further alleges approximately $11 million in customer funds were diverted to pay undisclosed commissions to Agridime personnel, including Joshua Linkof Gilbert, his wife, and Jed Wood.
The CFTC is seeking restitution for defrauded customers, as well as civil monetary penalties, trading bans, and a permanent injunction to prevent further violations of the Commodity Exchange Act (CEA) and CFTC regulations. The Division of Enforcement acknowledged the assistance of the Arizona Corporation Commission, Securities Division, and the Securities and Exchange Commission in the investigation.
The case is being led 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. The CFTC urges the public to verify a company’s registration before investing and provides resources on common fraud schemes at CFTC.gov.
Source: CFTC.gov
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