easterday farms scandal

2023 DTN, all rights reserved. In November, after a Tyson worker came to take stock of its herd, Easterday confessed the phony invoicing for the cattle that didn't exist, and feed for the nonexistent animals. Number 8860726. Easterday also has a second lawsuit pending in the same court. The move by Easterday Farms comes amid a meatpacker's allegations the related Easterday Ranches defrauded it of $225 million in the purchase and feeding of 200,000 missing cattle. Court records show credit card bills in Debby Easterday's name were paid $153,405.19. Easterday Farms Produce Company was . Tyson Alleges Easterday Conducted A "Fire Sale" - Drovers In a bankruptcy hearing, an attorney for Easterday Ranches acknowledged the shortfall, telling a judge, "The pie is not big enough." In charging papers, Easterday was also accused, not only of bilking Tyson out of $233,008,042, but of replicating the scam with an unnamed company and defrauding that one of another $11,023,084. Peel says cattle are sitting ducks. Easterday is set to spend as much as 11 years in prison. We put up cameras, we surveilled the corrals at night, we put out bait cattle, Parker says. That means cattle moved away from the open ranges that are beef's Americana, and off the free-roaming lands that consumers value. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. He often ran errands there, or stopped to chat with the dozens of mechanics employed to tinker with the part of the business he loved best: the farm machines. He is scheduled to be sentenced on Aug. 4 and faces a maximum penalty of 20 years in. For the ranchers that remain in business, raising beef is an enterprise of scale scale and futures trading. Peel says a swindle like the alleged Easterday case could never have happened just a few decades ago. Ron Rowan is the director of risk management for Beef Northwest Feeders, another cattle finishing operation in Oregon, and trades cattle futures for a living. That Western grit and independence? Ranchers have long complained about lowball prices from these companies. Such behemoths are the heirs apparent to more than just the Easterdays' lost fortunes. But to do it well is to treat it more like buying insurance than like a night at the poker table. And another $30,249.72 in cash was spent for things like trips to Costco and plants. Two more cars were struck by flying debris, their occupants mostly unscathed. In recent testimony to Congress about Western drought, which was so severe in 2021 that irrigation water was scarce, several ranchers described selling off herds at significant losses, unable to buy hay while grass wouldn't grow and profits were too slim to afford it. AgriBeef is an independent packer and about 70% to 75% of AgriBeef's cattle supply come from its own feedlots. "Beginning in 2010, Tyson changed its business model in the Pacific Northwest to no longer explicitly 'own' the cattle," the lawsuit said. Once the cattle were slaughtered and sold at market price, Easterday Ranches would repay the costs advanced (plus interest and certain other costs), retaining as profit the amount by which the sale price exceeded the sum repaid to Tyson and Company 1.

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