Two brothers were convicted Tuesday by a federal jury for their involvement in a nationwide $240 million Ponzi scheme that defrauded thousands of cattle contract investors.
Joshua and Jason Link used Agridime LLC, a Fort Worth based cattle and beef marketing company, to operate a fraudulent investment scheme.
Between January 2021 and December 2023, Agridime collected approximately $240 million from more than 2,200 investors across the country. Investors were promised their capital would fund the purchasing and raising of cattle to generate profit through meat sales. However, company records revealed that Agridime sold contracts for 60,000 more head of cattle than it possessed in its inventory.
Trial evidence established that Joshua and Jason Link orchestrated a scheme to embezzle money from the company. They submitted fraudulent requests causing Agridime to disburse roughly $2.7 million to Shady Brook Ranch, an entity controlled by Jason Link, for services that were never rendered. Federal officials noted that another firm had already provided and been compensated for the cattle feed, resulting in double payment by Agridime.
The money was misused for personal expenses, including nearly $1.5 million for a luxury “barndominium” in Herrington, Kansas, and around $25,000 for a 2006 Hummer H2.
The jury handed down convictions for both brothers following a six-day trial.
Joshua was convicted of two counts of wire fraud, two counts of wire fraud conspiracy and two counts of money laundering. Jason was convicted of two counts of wire fraud, one count of wire fraud conspiracy and two counts of money laundering.
Prior to trial, four co-defendants – Jed Wood, Royana Thomas, Tia Link, Taylor Bang – entered guilty pleas to various money laundering and fraud charges.
Each brother faces up to a 20 year sentence for each wire fraud and conspiracy count, along with up to 10 years for each money laundering count. Sentencing is set for March 4.
Alexsis Jones is a reporter and producer for KERA News. Got a tip? Email Alexsis at ajones@kera.org.
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