Agridime

Agridime was a Texas-based company that marketed itself as a cattle and meat distribution business. However, it gained notoriety for an alleged Ponzi scheme involving investments in cattle. Here is a summary of its business model and the legal issues it faced:

The Business Model (as it was presented)

Agridime had two main components to its business:

1. Direct-to-Consumer Meat Sales: Agridime operated an online store where it sold beef, pork, and chicken directly to consumers and businesses. It promoted a "farm-to-table" approach, claiming to source its meat from a network of American farmers and ranchers.
2. Cattle Investment Program: This was the more controversial part of their business. Agridime offered "Cattle Contracts" or investment opportunities where individuals could "passively own" a head of cattle.
   • The Promise: Investors were told that their funds would be used to purchase, feed, and raise cattle. Agridime claimed it would then process and sell the beef, and investors would receive a guaranteed high rate of return, often ranging from 15% to 32% within a 12-month period.
   • The Appeal: The model was designed to appeal to investors who wanted to profit from the cattle market without the labor of farming. Agridime claimed its "vertical integration" (handling everything from raising the cattle to distributing the meat) was the key to achieving these high profits.

Legal and Financial Issues

In late 2023, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) brought charges against Agridime and its founders, Joshua Link and Jed Wood.

• Ponzi Scheme Allegations: The SEC and CFTC alleged that Agridime was operating a massive Ponzi scheme. The core of the complaint was that the company did not own enough cattle to support its financial obligations to investors. Instead, it was allegedly using money from new investors to pay off returns to earlier investors.
• Misuse of Funds: The legal complaints stated that Agridime had raised at least $191 million from over 2,100 investors. According to court filings, millions of dollars of these funds were used for Ponzi payments and undisclosed commissions to the company's founders and sales representatives.
• Court Rulings: A federal court has since declared that Agridime was indeed operating as a Ponzi scheme since at least October 2021. The court has ordered the company and its co-founders to pay over $100 million in restitution.
• Receivership: Agridime's assets were frozen and a court-appointed receiver was put in charge to manage the company's remaining assets. The receiver has been working to liquidate the company's property—including remaining cattle, meat inventory (which was much smaller than claimed), and real estate—in an effort to repay defrauded investors.
• Restructuring: The receiver created a new entity, American Grazed Beef, to continue selling the remaining meat inventory and generate some revenue. The future of the business remains uncertain, with a potential sale to an investor group and ongoing efforts to wind down operations and liquidate remaining assets.

In summary, Agridime presented itself as a unique agricultural business with a promising investment model, but it was ultimately found to be a fraudulent Ponzi scheme by federal regulators and the courts.

COUPONS

Based on recent reports and legal actions, it is very important to understand that Agridime has been found to be operating a multi-million dollar Ponzi scheme. The Securities and Exchange Commission (SEC) has taken action against the company and its owners, and a court-appointed receiver is now in charge of the company's remaining assets.

Key points to know:

• Ponzi Scheme: The SEC and the Commodity Futures Trading Commission (CFTC) have alleged that Agridime raised over $191 million from more than 2,100 investors by selling "cattle contracts" and promising high returns. Instead of using the money to buy and raise cattle as claimed, Agridime allegedly used funds from new investors to pay off earlier ones.
• Legal Action: A federal court has ordered a temporary restraining order, asset freeze, and the appointment of a receiver to oversee the company's operations. Agridime has been ordered to pay restitution to its victims.
• Company Status: Agridime's wholesale and retail meat sales business is now being managed by the court-appointed receiver. The company's retail arm was temporarily halted and has since been rebranded as American Grazed Beef to sell off the remaining meat inventory.
• Coupon Codes and Sales: Due to the legal situation, there is no reliable information about current, valid Agridime coupon codes or promotional offers. The company is not operating as a typical business would. Any past promotions or codes, such as the "Timbo" code mentioned in older YouTube videos, are likely to be expired and irrelevant given the company's current status.

In summary, given the ongoing legal proceedings and the nature of the company's shutdown, it is highly unlikely that you will find any legitimate or working Agridime coupon codes. The focus of the company's current operations is to sell off existing assets to pay back defrauded investors.