The Futures Futures (CFTC) Committee announced today by the US District Court for the Northern District of Texas, introduced a final decision and consent order imposing a permanent order and fair corrective actions against AGRIDIME LLC, a Texas company.
The Consent Order requires Agridime to pay $ 102,936,904 in rehabilitation and permanently guide their present from any conduct that violates the law on exchanging basic products and CFTC regulations, as they are charged and permanently prohibited by AGRIDIME by CFTC and CFTC registration. market.
The consent order further states that the obligation to rehabilitate is satisfied by the efforts of collection and the resulting allocation by the receiver appointed to the SEC action to deceive customers.
The CFTC also announced that the court made a final ruling by default against Agridime co -founders, Joshua Link and Jed Wood. The default decision link connects to pay the discoloration of $ 815,327.92 and wood to pay the compensation of $ 1,472.127.92. These disconnection amounts represent profits received, respectively, from the link and Wood in relation to the violations intended for the May 2024 complaint.
The default decision further states that the link and wood must make payments of their obligations and in any interest payments after the crisis, to the recipient to distribute customer deception. The default decision also permanently violates the connection and wood from the further violation of CEA and CFTC regulations, as charges and imposes transaction and registration prohibitions.
CFTC warns that orders that require repayment of capital to victims may not result in any money lost because offenders may not have sufficient funds or assets.
The consent and the default decision come from a CFTC complaint filed against the defendants Agridime, Link and Wood in May 2024.
According to the complaint, Agridime represented that customers’ funds will only be used for the purchase, increase and nutrition of purchased bovine. Instead, because Agridime did not buy the number of cattle required to fulfill its obligations in accordance with animal contracts, Agridime had to use the recently gathered customers to pay the guaranteed profits of previous customers.
In addition, as supposedly supposedly in the complaint, customer funds were also used to pay millions to non -announced supplies to Agridime staff, including Link and Wood.
Link and Wood’s frustration obligations are based on the profits they received in relation to their fraud, including non -announced supplies.