Corporation Commission sues Gilbert meat distribution company in Superior Court
Posted 12/6/23
The Arizona Corporation Commission is alerting investors about alleged continued violations of Arizona's securities laws by the owners of a meat distribution company called Agridime, LLC, with a …
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The Arizona Corporation Commission is alerting investors about alleged continued violations of Arizona's securities laws by the owners of a meat distribution company called Agridime, LLC, with a storefront in Gilbert.
Despite a Corporation Commission temporary cease and desist order issued in April 2023, Agridime, LLC, and its owners — Jed Wood of Texas, Joshua Link and spouse Tia of Gilbert — have allegedly continued to sell more than a million dollars in unlawful cattle investment/commodity investment contracts to Arizona investors, according to a release from the commission.
As a result of Agridime, LLC, and its owners allegedly ignoring the commission’s order, the commission has filed a civil complaint for contempt in Maricopa County Superior Court.
In its seven-count complaint, the commission is also seeking an injunction to restrain the defendants and their associates from continuing to sell the investments within or from Arizona, along with civil penalties and restitution for investors.
The commission is accusing the Agridime defendants of issuing false statements and omitting material information, including the failure to tell investors that their investment dollars would be used to pay earlier investors.
The commission’s releases notes the allegations against the Agridime defendants have not been proven in a court of law. Nevetheless, investors should be aware that many investments that appear to be a business opportunity may require state or federal securities registration and certain disclosures to investors, according to the commission.
Additionally, investment promoters may be required to obtain the necessary training and registrations/licenses.
All documents relating to the administrative case can be found in the Corporation Commission's online docket at edocket.azcc.gov and entering docket number S-21240A-23-0097. Documents relating to the civil complaint can be found online at superiorcourt.maricopa.govand entering case numberCV2023-017840.
Investors who have given money and signed a contract with Agridime LLC, are asked to contact the commission’s Securities Division by telephone at 602-542-0662 or by email at SecuritiesDiv@azcc.gov.
