Ted Budd Cost Farmers Millions of Dollars

“As Rep. Ted Budd (R-NC) launched his campaign for a pivotal U.S. Senate seat earlier this year, the North Carolina Republican pitched himself as a staunch ally of farmers,” the Washington Post reports.

“But as Budd has told his narrative in a state where agriculture is the largest business, he omitted a key chapter. He made no mention of his role in his family’s calamitous involvement in a company called AgriBioTech, which ended in a bankruptcy case that cost farmers millions of dollars in losses.”

“A trustee for farmers and other creditors alleged that his father, Richard Budd, improperly transferred millions of dollars in assets to his family, including Ted Budd. That occurred before Richard Budd and a family company faced a $15 million judgment in the case. Moreover, the trustee alleged, Ted Budd ‘acted in concert’ with his father ‘in connection with the fraudulent transfers.’”