Litigation Releases (Agridime, LLC, Jed Wood, and Joshua Link)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26415 / September 30, 2025

Securities and Exchange Commission v. Agridime, LLC, et al., No. 4:23-cv-01224-P (N.D. Tex. filed Dec. 11, 2023)

SEC Obtains Final Judgment Against Company and Founders in Cattle Ponzi Scheme

On September 19, 2025, the Securities and Exchange Commission obtained final judgments against Agridime, LLC, Jed Wood, and Joshua Link, whom the SEC previously charged for their roles in operating a Ponzi scheme.

The SEC's complaint, filed on December 11, 2023 in federal district court in Fort Worth, Texas, alleged that the defendants raised at least $191 million from at least January 2021 to December 2023 by selling investment contracts related to the purchase and sale of cattle. In connection with these contracts, the defendants allegedly promised to sell cattle to investors for a fixed price per head and, after a year, buy back the same cattle at a higher price to provide a specific guaranteed investment return, which ranged from 15% to as high as 32% for some contracts. In reality, the complaint alleged, the defendants did not purchase enough cattle to fulfill Agridime's contracts and instead diverted tens of millions of dollars in investor funds to make Ponzi payments to prior investors and to pay undisclosed sales commissions, including commissions of approximately $1.3 million to Wood and $1.3 million to Link and his wife.

On December 11, 2023, the Court entered a temporary restraining order, asset freeze, and other ancillary relief against the Defendants, including the appointment of a receiver.

The final judgments enjoin the defendants from violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and the registration provisions of Section 5 of the Securities Act, and prohibit Link and Wood from acting as officers and directors or participating in the issuance, purchase, offer, or sale of securities. The final judgments also order Wood to pay disgorgement of $1,959,309.67, pre-judgment interest of $373,676.49, and a civil penalty of $236,451; Link to pay disgorgement of $3,106,957.09, pre-judgment interest of $693,251.87, and a civil penalty of $3,106,957.09; and Agridime to pay disgorgement of $102,936,904 and prejudgment interest of $17,310,965.32. The disgorgement and prejudgment interest ordered against Agridime is deemed satisfied by the receiver's collection efforts.

The Commission's litigation was handled by Tyson M. Lies and Matthew Gulde and supervised by Keefe Bernstein of the SEC's Fort Worth Regional Office.