Federal prosecutors say a Fort Worth livestock investment outfit was raking in money on a scale more suited to Wall Street than the stockyard, pulling in more than $220 million through cattle contracts that promised easy profits on beef. Five people tied to Fort Worth-based Agridime LLC now face federal charges over the operation, which allegedly targeted ranchers, feedlots and everyday investors across the country with pitches that their cash would buy specific cattle later sold for a return. One defendant is still on the run, while the others have either appeared or are due to appear in federal court.
What prosecutors allege
According to a U.S. Department of Justice press release, a Fort Worth federal grand jury returned the indictment on Wednesday, naming Jed Wood, Joshua Link, Tia Link, Taylor Bang and Royana Thomas. Prosecutors say the group is charged with various counts of wire fraud, conspiracy to commit wire fraud, and money laundering, and that some investor dollars were allegedly siphoned into operating expenses, personal purchases and real estate instead of cattle.
Prosecutors allege the scheme took in more than $220 million from over 2,200 victims nationwide, including individual cattle purchasers and ranchers, according to the Justice Department. The basic pitch, authorities say, was straightforward: investors were told their money would fund specific cattle that Agridime would eventually sell at a profit, with the investors sharing in the gains.
How regulators uncovered the scheme
The Securities and Exchange Commission had already put Agridime in the crosshairs before the criminal case. In December 2023, the agency sued the company and secured emergency relief after alleging Agridime had raised about $191 million from more than 2,100 investors through cattle-investment contracts that functioned like a Ponzi scheme, according to the SEC.
That civil action locked down Agridime’s assets and led to the appointment of a court-appointed receiver tasked with gathering what was left for harmed customers. Regulators say forensic accounting work and follow-up inquiries from that case fed directly into the criminal probe now unfolding in Fort Worth.
Court appearances and the fugitive
So far, only some of the accused have made it into a courtroom. Local reporting indicates that Tia Link and Taylor Bang appeared for arraignment this week in Fort Worth and were released under pretrial supervision, while Jed Wood and Royana Thomas are scheduled to appear later this month, as reported by the Fort Worth Star-Telegram.
The fifth defendant, Joshua Link, is not in custody. Authorities have asked the public for help finding him, and the FBI’s Fort Worth Resident Agency is leading the hunt, after steering the investigation with assistance from the USDA Office of Inspector General.
Penalties and legal exposure
The numbers are eye-popping, and so are the potential penalties. The Justice Department notes that each wire-fraud count can carry up to 20 years in federal prison, while each money-laundering count can carry up to 10 years. Stack enough counts, and the theoretical maximum time behind bars adds up quickly.
Federal prosecutors in Fort Worth have also been careful to stress that an indictment is only a charging document. All five defendants are presumed innocent unless and until the government proves its case in court. The U.S. Attorney’s Office for the Northern District of Texas is handling the prosecution.
Receivership and efforts to recover money
While the criminal case ramps up, regulators and the court-appointed receiver have spent months trying to track down and recover money tied to Agridime. The Commodity Futures Trading Commission announced a final judgment and consent order in mid-2025 requiring the company to pay roughly $102.9 million in restitution, according to the CFTC.
In an effort to salvage some value for investors, the receiver launched a retail beef arm called American Grazed Beef. Earlier attempts to sell Agridime’s assets to a North Dakota buyer for about $15.7 million later fell through, industry reporting shows, leaving the receivership to keep working the books and the remaining inventory.
What victims can do
People who believe they were caught up in the alleged scheme can register through the receivership portal, which also provides an email address and phone number for questions and claims. The receiver is using that site to post updates and steer customers through what can be a long and frustrating recovery process.
The indictment has renewed calls from officials for investor caution and for tips about the defendant who remains at large, which local reporters say the FBI is actively seeking. Authorities are urging anyone with documentation of potential losses to keep those records organized and to reach out to the receiver or federal investigators about possible next steps.
