Arizona Meat Distribution Company Accused of Securities Law Violations
The Arizona Corporation Commission has filed a civil complaint against Agridime LLC, a Texas-based meat distribution company with a storefront in Gilbert. The company’s owners, Jed Wood, Joshua Link, and spouse Tia, are accused of violating Arizona’s securities laws by selling more than a million dollars in unlawful cattle and commodity investment contracts to Arizona investors, despite a temporary cease and desist order issued in April 2023.
Allegations Against Agridime LLC
The commission’s complaint alleges that the defendants issued false statements and omitted material information. This includes the failure to inform investors that their investment dollars would be used to pay earlier investors. The commission is 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. It’s worth noting that the allegations have not been proven in a court of law.
Importance of Securities Law Compliance
Investors should be aware that many investments that seem like a business opportunity may require state or federal securities registration and certain disclosures to investors. Investment promoters may also need to acquire the necessary training and registrations/licenses. As such, it’s essential to conduct due diligence and seek advice from experienced professionals before investing.
Accessing Documents About the Case
Documents relating to the administrative case can be found in the Corporation Commission’s online docket at edocket.azcc.gov (enter docket number S-21240A-23-0097). Documents relating to the civil complaint can be found online at superiorcourt.maricopa.gov(case number CV2023-017840).
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Closure of Mug N’ Shot Sports Bar
In other news, Mug N’ Shot sports bar, located at 100 N. Gilbert Road in Gilbert, has closed down effective December 1. The bar served beer, spirits, and elevated finger foods.