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A Texas-based cattle firm and its proprietor have been ordered to cease promoting unregistered securities in North Dakota.
Joshua Hyperlink and Agridime LLC allegedly bought contracts represented to be investments in cattle. North Dakota Securities Commissioner Karen Tyler ordered them to stop and desist from promoting unregistered securities; from performing as an unregistered broker-dealer, issuer-dealer or agent; and from partaking in fraudulent practices in reference to the provide and sale of securities.
The Fort Price-based firm didn’t instantly reply to a Tribune request for remark. The corporate and Hyperlink, who lives in Arizona, are also the topics of a cease-and-desist order issued by the Arizona Company Fee in April, in line with Tyler.
Agridime solicited buyers by way of its web site and Fb from no less than October 2021 till earlier this month, asking them to buy cattle at $2,000 per head and “earn money elevating cattle with out having to do all of the work,” in line with Tyler. Traders had been promised no less than a “assured 15-20%” annual return on their one-year funding, and likewise had been promised a better charge of return in the event that they renewed their funding as an alternative of liquidating on the finish of their unique contract, she stated.
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The Securities Division stated there are quite a few “crimson flags of funding fraud” within the solicitation.