WASHINGTON — Agridime LLC, a Fort Worth, Texas-based company owned by Josh Link and Jed Wood, has been ordered to halt an alleged ongoing $191 million cattle Ponzi scheme, according to a release from the US Securities and Exchange Commission (SEC).

The SEC filed a complaint against the company on Dec. 11 in the US District Court for the Northern District of Texas. According to the complaint, Agridime raised $191 million from over 2,100 investors in 15 states by selling investments related to the purchase and sale of cattle.

Eric Werner, director of the SEC’s Fort Worth Regional Office, noted that Agridime promised investors 15% to 32% of annual returns.

Agridime told investors it would use their funds to acquire, feed and raise cattle on its network of ranches, according to the SEC’s complaint. However, Agridime did not purchase enough cattle or generate sufficient revenues from cattle operations to deliver on the promised returns, the SEC said.

The SEC alleges that since December 2022, Agridime has used at least $58 million of new investor funds to make Ponzi payments to prior investors and more than $11 million to pay undisclosed sales commissions to Wood, Link, Link’s wife and other Agridime sales representatives.

The allegations against Agridrime are a violation of the antifraud and registration provisions of the federal securities laws.

In addition to the emergency relief granted by the Northern District Court of Texas, the SEC is seeking preliminary and permanent injunctions, disgorgement, prejudgment interest, civil penalties, and officer and director bars against the Agridime owners.

The court has scheduled a hearing for Dec. 20 on the SEC’s motion for a preliminary injunction.