A Texas-based cattle company and its owner have been ordered to stop selling unregistered securities in North Dakota.
Joshua Link and Agridime LLC allegedly sold contracts represented to be investments in cattle. North Dakota Securities Commissioner Karen Tyler ordered them to cease and desist from selling unregistered securities; from acting as an unregistered broker-dealer, issuer-dealer or agent; and from engaging in fraudulent practices in connection with the offer and sale of securities.
The Fort Worth-based company did not immediately respond to a Tribune request for comment. The company and Link, who lives in Arizona, also are the subjects of a cease-and-desist order issued by the Arizona Corporation Commission in April, according to Tyler.
Agridime solicited investors through its website and Facebook from at least October 2021 until earlier this month, asking them to purchase cattle at $2,000 per head and “make money raising cattle without having to do all the work,” according to Tyler. Investors were promised at least a “guaranteed 15-20%” annual return on their one-year investment, and also were promised a higher rate of return if they renewed their investment instead of liquidating at the end of their original contract, she said.
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The Securities Department said there are numerous "red flags of investment fraud" in the solicitation.