North Dakota Cattle Broker Pleads Guilty in $220 Million Agridime Cattle Ponzi Scheme; State Moves to Pull His License

Published Oct. 7, 2026. Case statuses are current as of that date.

The pitch sounded down-to-earth: buy a heifer or steer "on paper" for $2,000 a head, let the company feed and finish it, and share in the profit when the beef is sold. Agridime, a Fort Worth, Texas, company, advertised returns of 15% to 20% [1]. A federal judge found in August 2024 that it was operating as a Ponzi scheme, paying earlier investors with newer investors' money instead of profits [2].

Now one of the men who bought cattle for the company has admitted guilt. Taylor Bang, a cattle broker from Killdeer, North Dakota, pleaded guilty Sept. 9, 2026, in U.S. District Court in Texas to one count of conspiracy to commit wire fraud, according to court records reported by the North Dakota Monitor [2]. Sentencing is set for Jan. 7, 2027, and the charge carries up to five years in prison, a fine and restitution [2].

Important: Bang has pleaded guilty but has not been sentenced. Others charged in the case who have not pleaded guilty or been convicted are presumed innocent unless and until proven guilty in court.

The charges

Bang was one of five people indicted by a Fort Worth federal grand jury on Feb. 11, 2026, in what prosecutors called a $220 million nationwide fraud scheme. He was originally charged with eight counts of wire fraud, one count of conspiracy to commit wire fraud and one count of money laundering [3]. A case summary lists the matter as No. 26-cr-00051 in the Northern District of Texas before U.S. District Judge Mark Pittman [4].

The indictment alleged that someone sent $240,000 to an account Bang controlled rather than to an Agridime account, to conceal the transaction, and that Bang falsified dates on records and gave investors false information about cattle identification tags [2].

Before his plea, a March court filing by Bang's attorney contended that Bang did not engage in fraud or knowingly take part in a Ponzi scheme. His Texas attorney, Dan Cogdell, was unavailable for comment Oct. 5, and Bang did not return messages, the Monitor reported [2].

The North Dakota Securities Department has said Bang earned $6 million in commissions from Agridime; Bang told the Monitor in December 2023 the figure was "way high" [2].

State action against his license

North Dakota Agriculture Commissioner Doug Goehring issued a cease-and-desist order against Bang and Taylor Bang Cattle Sales LLC barring all livestock dealer activities. Agweek reported the order was issued Sept. 24; the Monitor reported Oct. 5 that the guilty plea triggered the order and the revocation of Bang's livestock dealer license [1][2]. A hearing is set for Oct. 28 at the commissioner's office in Bismarck unless Bang waives it [1].

How prosecutors say the scheme worked

According to the U.S. Attorney's Office for the Northern District of Texas [3]:

• From January 2021 through December 2023, the defendants, acting through Agridime, told cattle purchasers, ranchers and feedlots that their money would buy specific cattle for each of them, raise the animals, and sell the meat from those same animals at a profit.
• Instead, the indictment charges, newer purchasers' money was used to pay operating expenses, pay earlier purchasers, cover personal expenses and buy real estate.
• The defendants are accused of collecting more than $220 million from over 2,200 victims across the United States.

"Thousands of unwitting investors, ranchers, and others in the cattle industry nationwide were drawn in and victimized by the defendants' multi-million dollar scheme alleged in this indictment," U.S. Attorney Ryan Raybould said when the indictment was announced [3].

Federal investigators shut Agridime down in December 2023 [1]. The North Dakota Securities Commission has said North Dakota investors were owed about $40 million at that point, and many of those owed money were in western North Dakota, where Bang bought cattle for the company [2].

Another guilty plea

Jed Wood of Fort Worth, described by the court-appointed receiver as Agridime's former CEO and by prosecutors as its operations director, pleaded guilty March 25, 2026, to one count of wire fraud, which carries up to 20 years in prison [3][5]. As of May, his sentencing was set for July 9, 2026, but the receiver said it might be continued until after the trial of the remaining defendants [5]. We could not confirm whether Wood has been sentenced. We also could not confirm the outcome for the remaining defendants, so they are not named here.

Red flags in livestock and agriculture investments

• Owning an animal "on paper" with no way to inspect it or confirm its ear tag yourself.
• Fixed, high returns in a business that depends on weather, feed costs and cattle prices.
• Payouts that depend on new money, or that stall when sign-ups slow.
• Paperwork you can't verify, such as tag numbers, dates or sale records.

What to do

1. Ask your state securities regulator whether the offering or seller is registered. Agridime itself is the subject of an SEC civil case, SEC v. Agridime LLC, et al. [5]
2. Verify the cattle. Ask for tag numbers, feedlot locations and the right to visit, and confirm independently.
3. If you invested with Agridime, check the receivership website at agridimereceivership.com for claims updates [5].
4. Report suspected fraud to the SEC at sec.gov/tcr and the FBI at ic3.gov.

Case status (as of Oct. 7, 2026)

Defendant	Court	Status as of Oct. 7, 2026	Source
Taylor Bang, Killdeer, ND	Federal, N.D. Texas (Fort Worth)	Pleaded guilty Sept. 9, 2026, to conspiracy to commit wire fraud; sentencing set for Jan. 7, 2027; faces up to 5 years; ND livestock dealer license revocation pending hearing Oct. 28 unless waived	[1], [2]
Jed Wood, Fort Worth, TX	Federal, N.D. Texas (Fort Worth)	Pleaded guilty March 25, 2026, to one count of wire fraud; sentencing was set for July 9, 2026, but could be continued; current status unconfirmed	[3], [5]

Those not convicted are presumed innocent. Statuses can change.

Sources

1. Jenny Schlecht, "North Dakota moves to revoke license of cattle broker involved in Agridime scheme," Agweek, Oct. 5, 2026. https://www.agweek.com/livestock/cattle/north-dakota-moves-to-revoke-license-of-cattle-broker-involved-in-agridime-scheme
2. Jeff Beach, "North Dakota man pleads guilty in cattle Ponzi scheme; state license revoked," North Dakota Monitor, Oct. 5, 2026. https://northdakotamonitor.com/2026/10/05/north-dakota-man-pleads-guilty-in-cattle-ponzi-scheme-state-license-revoked/
3. U.S. Attorney's Office, Northern District of Texas, "Five federally indicted for alleged $220M nationwide cattle fraud scheme," press release as published by Fort Worth Report, Feb. 16, 2026. https://fortworthreport.org/2026/02/16/five-federally-indicted-for-alleged-220m-nationwide-cattle-fraud-scheme-including-one-from-fort-worth-and-one-from-arlington/
4. MoreLaw case summary, United States v. Wood et al., No. 26-cr-00051 (N.D. Tex.), accessed Oct. 7, 2026. https://www.morelaw.com/verdicts/case/TX/199724/
5. Agridime Receivership, "Former Agridime CEO Pleads Guilty in Federal Case," May 22, 2026. https://agridimereceivership.com/2026/05/22/former-agridime-ceo-pleads-guilty-in-federal-case/

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