Cowtown Conspiracy: $220 Million Cattle Fraud Scheme Uncovered

Five suspects indicted in massive cattle fraud conspiracy, one remains fugitive on FBI's Most Wanted list

Published on Feb. 13, 2026

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A federal grand jury in Fort Worth has indicted five suspects, including one on the FBI's 'Most Wanted' list, for their roles in a $220 million cattle fraud conspiracy. The defendants allegedly operated a Ponzi scheme through their company Agridime LLC, defrauding thousands of investors, ranchers, and others in the cattle industry nationwide.

Why it matters

This case highlights the significant financial and reputational damage that can be caused by large-scale fraud schemes targeting vulnerable investors and businesses in the agricultural sector. It also raises concerns about the ability of regulators to effectively monitor and shut down such complex fraud operations before they cause widespread harm.

The details

The defendants - Jed Wood, Royona Thomas, Taylor Bang, Tia Link, and Joshua Link - are accused of running a multi-year scheme through their Fort Worth-based company Agridime LLC. They allegedly claimed to cattle purchasers, ranchers, and feedlots that Agridime would use their money to purchase, raise, and sell cattle for profit. Instead, they allegedly used new investor funds to cover Agridime's operating expenses, personal expenses, and property purchases.

  • The defendants reportedly committed fraud from January 2021 to December 2023.
  • In December 2023, North Dakota Securities Commissioner Karen Tyler ordered Bang and Joshua Link to cease and desist their activities.
  • Also in December 2023, the Arizona Corporation Commission sued Agridime, and the SEC filed a complaint claiming the company diverted millions in investor funds.

The players

Agridime LLC

A Fort Worth-based business that offered cattle sales, meat processing, and retail services, which was allegedly used by the defendants to perpetrate a $220 million Ponzi scheme.

Joshua Link

The executive director of Agridime LLC who remains a fugitive on the FBI's Most Wanted list.

Tia Link

The marketing director of Agridime LLC who was charged with wire fraud, conspiracy to commit wire fraud, and money laundering.

Jed Wood

The operations director of Agridime LLC who was charged with wire fraud, conspiracy to commit wire fraud, and money laundering.

Royona Thomas

The financial controller of Agridime LLC who was charged with wire fraud, conspiracy to commit wire fraud, and money laundering.

Taylor Bang

A cattle broker who worked with Agridime LLC and was charged with wire fraud, conspiracy to commit wire fraud, and money laundering.

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What they’re saying

“Thousands of unwitting investors, ranchers, and others in the cattle industry nationwide were drawn in and victimized by the defendants' multi-million dollar scheme.”

— Ryan Raybould, U.S. Attorney for the Northern District of Texas (Department of Justice press release)

“The defendants allegedly used false promises to lure prospective clients into their scheme and then misappropriated client funds to enrich themselves.”

— R. Joseph Rothrock, FBI-Dallas Special Agent in Charge (Department of Justice press release)

What’s next

Anyone with information on Joshua Link's whereabouts can submit tips through 1-800-CALL-FBI, tips.fbi.gov, the local FBI office, or the nearest American embassy or consulate. A federal arrest warrant was issued for Joshua Link on January 29.

The takeaway

This case highlights the need for stronger regulatory oversight and enforcement in the agricultural commodities sector to protect investors and businesses from sophisticated fraud schemes. It also underscores the importance of prompt action by authorities to identify and shut down Ponzi schemes before they cause widespread financial harm.