Brothers convicted in $240 million cattle investment fraud scheme

More than 2,200 people were defrauded through Fort Worth-based Agridime, which prosecutors say used cattle investors' money to pay earlier customers and cover business expenses.

Two brothers have been convicted in a $240 million cattle investment fraud scheme that federal prosecutors say defrauded more than 2,200 people across the country through a Fort Worth-based company.

A federal jury found Joshua Robert Link and Jason Allen Link guilty of multiple fraud-related offenses on Nov. 10, according to the U.S. Attorney's Office for the Northern District of Texas.

The brothers were involved in Agridime LLC, a company that offered customers the opportunity to invest in individual cattle with the promise of earning a profit when the animals were processed and sold as meat.

Prosecutors said the company sold contracts for far more cattle than it actually controlled, using money from new investors to pay earlier investors and cover other business expenses.

Federal authorities described the operation as a Ponzi scheme that collected more than $240 million between January 2021 and December 2023.

How the cattle investment scheme worked

Agridime advertised cattle investments online, offering customers the opportunity to purchase an individual steer or heifer for $2,000.

Under the agreements, the company promised to use each customer's money to purchase specific cattle, raise and care for the animals, process them into beef, and sell the meat. Investors were told they would receive their money back along with a profit from those sales.

Prosecutors said the company was not using the money as promised; instead of purchasing and raising specific animals for each customer, Agridime used incoming funds to pay operating expenses, make loan payments and pay money owed to earlier cattle purchasers.

Federal prosecutors said Agridime sold contracts representing approximately 60,000 more head of cattle than the company actually controlled, and the scheme affected more than 2,200 victims nationwide.

Prosecutors say brothers also diverted millions from Agridime

In addition to the cattle investment fraud, prosecutors said Joshua and Jason Link carried out a separate scheme to divert money from Agridime itself.

Joshua Link was a co-owner and executive director of Agridime. His brother Jason Link owned Shady Brook Ranch LLC, a Kansas-based business, and worked as a livestock broker and meat chain director for Agridime.

The brothers arranged for Agridime to pay Shady Brook Ranch for feeding and caring for cattle, but another company had already provided those services and been paid.

Prosecutors said the brothers submitted fraudulent payment requests that caused Agridime to pay more than $2.7 million to Jason Link's business for services it had not provided.

Bank records showed that some of that money was used for personal expenses, including nearly $1.5 million paid to a construction company to build a luxury five-bedroom, four-bathroom residence in Herington, Kansas.

The funds were also used to purchase a 2006 Hummer H2 for approximately $24,800 and pay for other property improvements, according to prosecutors.

Four other people involved in Agridime pleaded guilty to charges related to the fraud scheme before the brothers went to trial: Jed Hansel Wood, the company's operations director; Tia Makenzie Link, its marketing director; Taylor Orris Bang, a cattle broker; and Royana Jane Thomas, Agridime's financial controller.

According to court records, company executives and brokers also received millions of dollars in salaries and commissions while the scheme was operating.

From 2022 through 2023, Joshua and Tia Link received more than $2.7 million combined, while Wood received more than $2.4 million, prosecutors said.

Joshua Link was convicted of two counts of wire fraud conspiracy, two counts of wire fraud and two counts of money laundering.

Jason Link was convicted of one count of wire fraud conspiracy, two counts of wire fraud and two counts of money laundering.

The brothers face up to 20 years in federal prison for each wire fraud and wire fraud conspiracy conviction and up to 10 years for each money laundering conviction.

Both are scheduled to be sentenced March 4, 2027.