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Chick-News.com Poultry Industry News, Comments and more by Simon M. Shane

Washington State Cattle Feeder Pleads Guilty to Fraud

04/06/2021

Cody Allen Easterday of Mesa, WA. pleaded guilty to a $244 million fraud.  It is alleged that he billed Tyson Foods and other companies for feeding non-existent cattle dating back to 2016.

 

Tyson audited documentation and established that falsified documents were submitted for reimbursement.  The more than $200 million paid to Easterday contributed in part to the Tyson Fresh Meats loss in fiscal 2020. In a statement released by Tyson Foods the company indicated that the $285 million loss in fiscal 2020 was related to the specific cattle supplier representing approximately two percent of total cattle supply to the beef segment from fiscal 2017 though 2020.

 

Apparently Easterday used the proceeds from Tyson Foods to cover losses on commodities trading.  Easterday also defrauded the CME Group by submitting falsified paperwork in relation to applicable position limits in live cattle futures.

 

Acting Assistant Attorney General, Nicholas L. McQuaid of the Department of Justice Criminal Division stated, “For years Cody Easterday perpetrated a fraud scheme on a large scale increasing the cost of producing food for American families.”  He added, “Prosecutors are committed to swiftly and thoroughly prosecuting frauds affecting our Nations agricultural and other commodities markets whether in the heartland or on Wall Street.”  Easterday will be sentenced on August 4th and is facing a maximum penalty of 20 years imprisonment.

 


 
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