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Texas-Based Meat Company Faces SEC Accusations of $191 Million Ponzi Scheme

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Texas-Based Meat Company Faces SEC Accusations of $191 Million Ponzi Scheme

Agridime allegedly ran advertisements claiming 15% to 20% yearly returns, with the statement, “We know it sounds too good to be true,” according to the Securities and Exchange Commission.

A Texas food distributor’s assets were frozen by the Securities and Exchange Commission on Thursday after it was revealed that the company had engaged in a Ponzi scheme that defrauded 2,100 investors in 15 states out of millions of dollars.

Texas-Based Meat Company Faces SEC Accusations of $191 Million Ponzi Scheme

Since 2021, Agridime in Fort Worth is said to have raised $191 million from 2,100 investors across 15 states. The SEC stated in a lawsuit that was unsealed on Wednesday that about $58 million of that amount was utilized to reimburse investors from previous years and that $11 million went toward commissions given to the company’s owners, Josh Link and Jed Wood, as well as Link’s wife.

Eric Werner, head of the SEC’s Fort Worth Regional Office, stated in a statement that “the defendants enticed investors with guarantees that they could ‘ make money raising cattle without having to do all the work’.” The business advertised 15% to 32% annual returns, with the disclaimer, “We know it sounds too good to be true.”

It was too good to be true, Werner said.

According to the complaint, as of September, the company owed investors around $150 million and had less than $1.5 million in the bank.

Texas-Based Meat Company Faces SEC Accusations of $191 Million Ponzi Scheme

The food distributor offered investors “cattle contracts” that were worth $2,000 per cow, guaranteeing that the funds would be utilized to purchase and grow cattle on its network of ranches. It also supplied a variety of meat items, such as chicken and beef.

A copy of an advertisement that Agridime said would give “fellow Americans the highest quality farm fresh beef available” was included in the SEC’s complaint.

A cease-and-desist order filed by the Arizona Corporation Commission in May states that an Agridime salesperson promised a cattle contract’s return on investment “no matter what” in a phone conversation with an Arizona resident.

The seller did not mention any hazards when the Arizona resident, who is not named in the transaction, asked about them.

The salesman responded that he could not assist with taxes when the resident requested, adding that “they record numbers, not names,” according to the ruling.

According to the SEC, Agridime did not buy enough cattle or make enough money to reimburse its investors. According to the SEC, the meat distributor also persisted in selling cattle contracts in North Dakota and Arizona despite requests from state officials to cease.

According to an Agridime official, the corporation has not responded to the accusations made by the agency.

According to the SEC, the asset freeze was implemented to stop Agridime from scamming investors in the future.

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Snoop Dogg Introduces Line of Hemp-Infused Beverages in Latest Business Venture

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Snoop Dogg Introduces Line of Hemp-Infused Beverages in Latest Business Venture

The most recent development in Snoop Dogg’s smoking evolution has been formally revealed! Do It Fluid, a hemp-infused beverage brand from the legendary Hill Beverage Co. and Death Row Records, debuted today. It offers a healthier alternative to traditional smoking by using premium, all-natural ingredients without sacrificing the high.

Snoop Dogg stated, “Hill Beverage Co.’s vision for cannabis beverages was the perfect transition as I take the next step forward in my smoking evolution.” “What we have produced is a delicious, all-natural substitute that keeps users feeling high all day and night long,” the team said.

Snoop Dogg Introduces Line of Hemp-Infused Beverages in Latest Business Venture

The line, which offers four robust flavors—Blue Razz, Blood Orange, Peaches N Honies, and Cherry Limeade—in 12-ounce CBD-only and 8-ounce blends with Delta-9 and THC, is the ideal choice for any kind of drinking event, day or night.

“It is a testament to the new direction the cannabis industry is heading that I took my passion for cannabis and curated an all-natural high alternative for consumers that is both bold and fulfilling in flavor,” stated CEO and Founder Jake Hill.

Snoop Dogg Introduces Line of Hemp-Infused Beverages in Latest Business Venture

“Whether or not customers are familiar with the cannabis market, we are excited for them to experience the line. Our debut line alongside Snoop Dogg and Death Row Records is the perfect way to cement our brand within the cannabis and beverage space.”

The team is proud of Do It Fluid’s ability to provide both traditional and non-traditional cannabis consumers with a pleasurable high while pushing the boundaries of taste profiles, strength, and all-natural ingredient utilization.

To encourage a better lifestyle through the line—no guilt associated with consuming too many calories or sugar—the team also placed a strong emphasis on natural sugars, fruit juices, and tastes.

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Amazon Issues Apology to ‘Offended’ Employees Over Flyer Encouraging Contact with Mascot

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Amazon Issues Apology to 'Offended' Employees Over Flyer Encouraging Contact with Mascot

An effort to give back during the holidays went wrong at one Amazon warehouse in New York, at least for one employee who lost it over a poster asking them to submit a letter to the company’s mascot, Peccy, detailing their financial difficulties.

“In essence, they ask you to share your struggles and how difficult the holidays are for you. According to a source from The Guardian, Keith Williams, an employee at the Amazon SWF1 warehouse, stated, “If we feel it’s sad enough [then we’ll] give your family some help.”

The Rock Tavern, New York warehouse where Williams works has a flyer at the bottom that employees spotted. Peccy is an orange blob-like creature that represents the internet shopping behemoth.

Amazon Issues Apology to 'Offended' Employees Over Flyer Encouraging Contact with Mascot

Following up with Fox News Digital, an Amazon representative said, “This was a well-intentioned holiday-giving initiative that received a lot of positive feedback from employees, however, our team is aware of the potential negative perception it created and apologize to anyone who may have been offended.”

The words “Are you or someone you know facing financial hardship this holiday season? “hovered above the mascot. Peccy wishes to assist! Address a missive to Peccy. Some of your holiday dreams can come true if you are chosen by the Peccy team!”

Amazon claims that it was a component of programs that certain specific locations carried out for the good of their staff or the community at large.

The corporation said that it is the nation’s top employer in a report from September of last year, and it stated that it is “investing $1.3 billion this year [2023] toward pay increases for customer fulfillment and transportation employees.”

According to the same article, employees start at $17 per hour, but their average wage is $20.50. This information spurred others to condemn the flyer and demand pay hikes.

Amazon Issues Apology to 'Offended' Employees Over Flyer Encouraging Contact with Mascot

Nonetheless, some earn up to $28 per hour. According to a report published in The Guardian, the company’s profits in the most recent quarter tripled to $9.9 billion, while revenues in the three months that concluded on September 30 amounted to $143 billion. Jeff Bezos, the CEO of Amazon, is also among the richest persons on the planet.

Williams is requesting more pay, as are other workers at the Rock Tavern warehouse.

“All we’re requesting from Amazon is that they use their billions of cash to do what they are capable of doing. According to The Guardian, he stated, “We just want to share in some of the efforts that we do for Amazon.”

“We demand pay. Not accessories. For us, they have raffles. Instead of merely providing us with the safety and security of a livable salary, if they see us working hard, they’ll give us three tickets, and out of all the people here putting tickets in, we might get anything. Alternatively, they’ll put a Peccy pin on our desk so everyone knows we’re doing fantastic.”

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Higher Contribution Limits Announced for 401(k)s and IRAs in the Coming Year

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Higher Contribution Limits Announced for 401(k)s and IRAs in the Coming Year

With still-high inflation, Americans can fight it out by contributing more to their 401(k) and other tax-deferred retirement plans in 2019.

Employee 401(k) contributions will be capped at $23,000 starting in 2024, up $500 from the current limit. The Thrift Savings Plan of the federal government, most 457 plans, and other retirement savings accounts such as the 403(b) plan are all affected by the hike.

Savers age 50 and above will continue to receive catch-up contributions of $7,500.

Higher Contribution Limits Announced for 401(k)s and IRAs in the Coming Year

Additionally, the IRS raised the maximum contributions to IRAs; for 2024, the cap was raised from $6,500 to $7,000 by the IRS. $1,000 will continue to be the maximum catch-up contribution for IRAs.

Although the IRS adjusts for the cost of living each year, the increases are more pronounced and have a greater effect on taxpayers during periods of high inflation.

Based on a recent Congressional Research Service analysis, only 8.5% of individuals who make contributions to retirement accounts reached their maximum in 2018.

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With the most recent modifications, a greater number of Americans may be eligible for Roth IRAs, which eliminate taxes on contributions made up front and let people grow their investment gains tax-free (as long as they don’t take them out before turning 59½).

Higher Contribution Limits Announced for 401(k)s and IRAs in the Coming Year

Ahead of 2023, the IRS’s most recent income phaseout will increase for heads of households and individuals from $138,000 to $161,000, up from the previous range. For married couples filing jointly, the phaseout will rise from $218,000 to $228,000 to $230,000 to $240,000 over the prior range.

A recent study by the professional services network PwC found that one in four Americans lacked retirement savings. As to the data, there is a significant retirement savings shortfall of $3.68 trillion among U.S. families that have persons between the ages of 25 and 64.

Approximately $65,000 was the typical retirement account balance in the United States in 2019, according to information from the Federal Reserve.

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