A Texas-based cattle marketing company is under the microscope of the SEC. The Commission has frozen their assets, alleging the company was running a multi-million-dollar Ponzi scheme.
AgriDime LLC out of Forth Worth is now under a receivership. The SEC says the company raised over $190 million from 2,100 investors since 2021 but only recently had about $1 million in cash.
The Commission alleges AgriDime used nearly $60 million from investors since last December to pay returns on existing investors instead of marketing cattle. Officials say the scheme was soon to implode unless it raised money from new investor victims.
