North Dakota rancher Wylie Bice to buy Ponzi scheme-affected Agridime for $15.7M, repaying investors with 20% profits.
North Dakota rancher Wylie Bice and his partner plan to buy the beef marketing company Agridime, which previously operated as a Ponzi scheme, for $15.7 million. Now under the name American Grazed Beef, the company owes millions to investors. The purchase agreement stipulates that 20% of profits over the next five years will go towards repaying these investors. The deal is expected to close soon, pending a court hearing.
September 30, 2024
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