A North Dakota company plans to pay about $15.7 million for the beef marketing company determined to be a Ponzi scheme that frauded investors out of millions of dollars.
Wylie Bice of Killdeer, ND, expects to close soon with his company, Sheer Marketing LLC, on the sale of Agridime (now doing business as American Grazed Beef). American Grazed Beef sells beef and other products directly to consumers.
The purchase agreement includes the new owners paying 20% of the company’s profits over five years to the receiver to help pay off investors who are still owed money, Bice being among them.
