Source: Washington Times
“A Dallas-area federal jury indicted five people this week accused of defrauding customers of their cattle company of $220 million. The defendants operated through the company Agridime LLC, the Justice Department said Thursday. … Federal prosecutors allege that between January 2021 and December 2023, the five told clients, including feedlots, cattle ranchers and people wanting to buy individual cattle, that Agridime would use the money the clients paid to buy and raise specific cattle before selling the meat at a profit. … The Justice Department accused the group of instead using incoming payments from customers to pay off company operating expenses, pay money owed to previous customers, pay personal expenses and buy real property.” (02/16/26)