‘Too Good to Be True’: Wyoming Rancher Unsurprised by $200 Million Cattle Fraud Case

A Texas-based cattle investment company promising easy profits has been exposed as a massive Ponzi scheme, defrauding over 2,200 victims across 14 states of an estimated $220 million. While Wyoming has not yet been directly linked to the case, local ranchers say the company’s promises raised red flags years ago.

Agridime LLC, which operated an online platform allowing customers to buy and sell cattle without hands-on care, allegedly guaranteed annual returns between 15% and 20%. Customers paid roughly $2,000 per head, with the company purportedly handling feeding and care through partner farmers before selling the processed beef for profit.

Instead, prosecutors allege, the funds were used to pay operating expenses, earlier investors, sales commissions, and personal purchases. Five individuals connected to the company were indicted last week, including executive director Joshua Link, who remains on the FBI’s “Most Wanted” list.

Sublette County rancher Mike Vickrey, former president of the Green River Valley Cattlemen’s Association, said he was skeptical when he first heard about Agridime years ago. “I researched it. It sounded too good to be true,” Vickrey told Cowboy State Daily. He said he shared his concerns with others and declined to invest.

The scheme unraveled in December 2023 when the Securities and Exchange Commission froze Agridime’s assets and appointed a receiver. The Commodity Futures Trading Commission later determined the company was operating a Ponzi scheme, using new investor money to pay earlier ones while diverting tens of millions to sales commissions and personal expenses.

Wyoming Livestock Board Director Steve True said the case serves as a reminder for producers to exercise caution. “Everyone needs to be very aware of deals that they’re stepping into, particularly in this time where the markets are today,” he said. Cattle prices have soared to record highs as U.S. cattle populations hit 75-year lows.

The five defendants face multiple charges including wire fraud, conspiracy, and money laundering, each carrying potential sentences of up to 20 years in federal prison. Joshua Link’s wife Tia and cattle broker Taylor Bang have been arraigned and released pending trial. Operations director Jed Wood and financial controller Royana Thomas are scheduled for arraignment Feb. 25.

A person claiming to be Joshua Link defended the company on social media, saying not all factors have been considered and promising “more information to come.” When asked if Agridime ever did business with Wyoming ranchers, he replied, “Not that I know of.”