Friday, May 20, 2022
 
Home
United Ag
Markets
News & Weather
Cash Bids
  
- DTN Headline News
Easterday Sentencing May Be Moved Back
By Todd Neeley
Friday, May 20, 2022 11:34AM CDT

LINCOLN, Neb. (DTN) -- The criminal sentencing of former Washington rancher Cody Easterday could be moved to September, after his attorneys this week filed a motion to delay the sentencing pending the completion of a related bankruptcy case involving Easterday Farms and Easterday Ranches.

On May 11, DTN reported in error that Easterday's criminal sentencing had been delayed to Aug. 10. In fact, the legal proceedings in a lawsuit filed by the Commodity Futures Trading Commission have been stayed until then.

Easterday pleaded guilty to wire fraud charges in a so-called "ghost cattle" scheme. On Thursday, Easterday filed a motion to continue the criminal sentencing to sometime in September to complete his role in Chapter 11 bankruptcy proceedings. In those proceedings, debtors including Tyson Fresh Meats presented a plan to liquidate the assets of Easterday Ranches and Easterday Farms.

The CFTC sued Easterday as well, alleging his company violated the Commodity Exchange Act and CFTC regulations.

The CFTC's complaint stated Easterday amassed more than $200 million in losses during a 10-year period trading cattle futures on both his personal and business accounts. Easterday then admitted last fall that he had caused Easterday Ranches to submit invoices for cattle that never existed to cover millions of dollars in those trading losses.

The CFTC complaint sought restitution, civil penalties and permanent trading and registration bans on Easterday.

Easterday operated an extensive family farm operation in eastern Washington involved in cattle feeding as well as 22,500 acres of potatoes, onions, corn and wheat in the Columbia Basin.

Beginning in 2016 and continuing through November 2020, Easterday submitted false and fraudulent invoices and other information to Tyson and another company, according to court documents and the U.S. Department of Justice.

The Easterday Ranches Inc. owner received reimbursement from the companies for the purported purchase and raising of cattle the company never actually bought.

As part of the guilty plea to the criminal charge, Easterday also agreed to repay $244 million in restitution, according to the DOJ.

According to court documents, Cody Easterday used Easterday Ranches to enter into a series of agreements with Tyson and another company to purchase and feed cattle.

As part of the agreements, Tyson and the unnamed second company would provide funds for Easterday to buy and raise cattle.

After cattle were slaughtered and sold at market price, Easterday Ranches would repay the costs advanced and retaining as profit the amount by which the sale price exceeded the sum repaid to Tyson and the second company.

Read more on DTN:

"Winning Bid on Easterday Assets: $209M," https://www.dtnpf.com/…

"WA Rancher Admits 'Ghost-Cattle' Scam," https://www.dtnpf.com/…

Todd Neeley can be reached at todd.neeley@dtn.com

Follow him on Twitter @DTNeeley


blog iconDTN Blogs & Forums
DTN Market Matters Blog
Editorial Staff
Friday, May 20, 2022 10:25AM CDT
Friday, May 20, 2022 10:25AM CDT
Friday, May 20, 2022 10:25AM CDT
Fundamentally Speaking
Joel Karlin
DTN Contributing Analyst
Thursday, May 19, 2022 11:02AM CDT
Wednesday, May 18, 2022 10:13AM CDT
Friday, May 13, 2022 2:58PM CDT
DTN Ag Policy Blog
Chris Clayton
DTN Ag Policy Editor
Wednesday, May 18, 2022 9:09PM CDT
Wednesday, May 18, 2022 9:09PM CDT
Monday, May 16, 2022 5:58PM CDT
Minding Ag's Business
Katie Behlinger
Farm Business Editor
Wednesday, May 4, 2022 4:25PM CDT
Tuesday, April 12, 2022 5:00AM CDT
Friday, March 4, 2022 8:10AM CDT
DTN Ag Weather Forum
Bryce Anderson
DTN Ag Meteorologist and DTN Analyst
Friday, May 20, 2022 8:10AM CDT
Tuesday, May 17, 2022 2:59PM CDT
Thursday, May 12, 2022 11:50AM CDT
DTN Production Blog
Pam Smith
Crops Technology Editor
Friday, May 6, 2022 5:00AM CDT
Thursday, April 14, 2022 2:10PM CDT
Saturday, April 2, 2022 4:55PM CDT
An Urban’s Rural View
Urban Lehner
Editor Emeritus
Friday, May 20, 2022 10:56AM CDT
Friday, May 6, 2022 12:07PM CDT
Tuesday, April 26, 2022 2:10PM CDT
Machinery Chatter
Dan Miller
Progressive Farmer Senior Editor
Friday, May 20, 2022 11:42AM CDT
Monday, April 25, 2022 5:14PM CDT
Monday, April 11, 2022 3:51PM CDT
Canadian Markets
Cliff Jamieson
Canadian Grains Analyst
Friday, May 20, 2022 12:28PM CDT
Thursday, May 19, 2022 4:02PM CDT
Wednesday, May 18, 2022 4:26PM CDT
Editor’s Notebook
Greg D. Horstmeier
DTN Editor-in-Chief
Thursday, April 28, 2022 2:31PM CDT
Tuesday, March 22, 2022 11:16AM CDT
Tuesday, March 22, 2022 11:16AM CDT
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN