Tyson will propose a liquidation plan for the ranch at the center of Bill Gates Land Pursuit

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There has been a dispute over who should receive the hundreds of millions of dollars in proceeds from a number of property-related sales. Easterday has been actively involved in sales to pay off creditors.

Easterday could face up to 20 years in prison for defrauding Tyson Fresh Meats and another public company of $244 million for buying and feeding hundreds of thousands of cattle that didn’t exist.

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 US Department of Justice.

Easterday received reimbursement from the companies for buying and raising cattle that Easterday’s company never bought.

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

The CFTC sued Easterday, alleging that his company violated the Commodities Exchange Act and CFTC regulations.

The CFTC complaint said Easterday racked up more than $200 million in losses over a 10-year period by trading livestock futures on his personal and business accounts. Easterday then admitted in the fall of 2020 that he had tricked Easterday Ranches into submitting invoices for livestock that never existed to cover millions of dollars in those business losses.

On several occasions, according to the CFTC complaint, Easterday featured positions in live cattle futures that exceeded position limits set by the CME exchange and “significantly overstated” cattle stocks, buys and sells. .

Tyson sued Easterday Ranches in late January 2021, making the allegations.

After the Tyson lawsuit was filed, Easterday Ranches filed for Chapter 11 bankruptcy protection on February 1, 2021.

Learn more about DTN:

“WA Rancher Sentencing moved to June 13,” https://www.dtnpf.com/…

“Winning bid on Easterday assets: $209 million”, https://www.dtnpf.com/…

“WA Rancher admits ‘ghost cattle’ scam”, https://www.dtnpf.com/…

Todd Neeley can be reached at [email protected]

Follow him on Twitter @DTNeeley

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