Home Crop Monitoring Ghost-herd scheme results in several lawsuits

Ghost-herd scheme results in several lawsuits

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Cody Easterday, of Mesa, Washington, pleaded responsible just lately in federal courtroom to defrauding a Tyson Meals, Inc. firm out of roughly US$244 million.

Easterday charged the corporate for the prices of shopping for and feeding as many as 200,000 cattle that didn’t exist — a ghost-herd.

Greg Henderson, editor at Drovers, says that there are different entities concerned in the story, however when Tyson discovered the underreported cash, which got here to mild in November of 2020 and because the lawsuit unfolded, Easterday was named.

“Basically, it ended up being a $225 million dollar loss, and Easterday admitted that he got in trouble trading futures, so over a four year period of time, and he lost money,” says Henderson.

It’s not simply Tyson Meals that has misplaced cash — there have been backgrounding yards that had been sending cattle to Easterday feedlots, and different individuals the fraudster did enterprise with which have misplaced, too.

The Securities and Trade Fee has additionally filed expenses towards Easterday, that shouldn’t have to do with the Tyson lawsuit, says Henderson.

“The sad thing here is that it’s unravelled Easterday Ranches and Easterday Farms,” says Henderson. “More than just Easterday himself will be affected — both the ranch and the 10,000 acre mixed crop farm, as well as the more than 150 employees will be damaged by all of this.”

Tyson won’t launch particulars whether or not or not somebody facilitated the connection between the corporate and Easterday, or if anybody has been held accountable.

Hear the total dialog between Henderson and RealAg Radio host Shaun Haney:

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