North Dakota Man Charged in $200M Cattle Fraud Scheme

Got story updates? Submit your updates here. ›

A Killdeer, North Dakota man named Taylor Bang has been indicted on eight counts of wire fraud, one count of conspiracy to commit wire fraud, and one count of money laundering in connection with an alleged $200 million cattle fraud scheme. Investigators say Bang was part of a company called Agridime that promised to buy and raise cattle for ranchers but never actually used the funds to purchase livestock, instead operating a Ponzi scheme that defrauded over 2,200 victims across the country from January 2021 through December 2023.

Why it matters

This case highlights the ongoing problem of agricultural fraud schemes that target vulnerable farmers and ranchers, often resulting in significant financial losses. It also underscores the need for stronger oversight and regulation in the cattle industry to protect producers from such predatory practices.

The details

According to the indictment, Bang and his co-conspirators at Agridime collected over $200 million from around 2,200 victims by falsely promising to purchase and raise cattle on their behalf. However, the defendants never actually used the funds to buy any livestock and instead operated a Ponzi scheme, using new investor money to pay fake "returns" to earlier investors.

• The alleged fraud scheme ran from January 2021 through December 2023.

What’s next

The case is currently under investigation by federal authorities, and Bang is expected to face trial on the charges.