The SEC has accused MR Cattle of perpetrating a multimillion-dollar investment scheme involving cattle-flipping.
Sonn Law Group is investigating these allegations. We want to hear from folks who have invested money in MR Cattle. You may have a claim for damages. Contact Sonn Law Group today so that we can work together to hold wrongdoers accountable:
Mark Ray, his businesses MR Cattle, Custom Consulting & Product Services, and Universal Herbs, in addition to two of his associates, Reva Stachniw and Ron Throgmartin, were accused by the SEC of engaging in a multimillion-dollar cattle-flipping investment scheme.
Mark Ray is accused of fraudulently soliciting investments in an alleged cattle trading business, while he was actually using the new investor funds to pay existing investors in a Ponzi-like manner. Ray also allegedly used the investor funds to pay for medical bills, private flights, and other personal expenses. The SEC alleged that Ray would represent to investors that he was using the funds to buy a specific number of cattle from a ranch and would be sending them to a feedyard for finishing. However, the ranches and feedyards contacted by the SEC in the course of their investigation reported that they did not trade any cattle with Ray.
Ray was previously charged in federal court in 2020 for his role in the Ponzi scheme. The scheme purportedly raised over $650 million from investors. He pleaded guilty to conspiracy to commit fraud for his role in the scheme in April 2020.
Between 2017 and 2019, the SEC claimed that Stachniew transferred approximately $9 million to her personal bank accounts, while Throgmartin transferred approximately $3 million into his personal bank accounts.