Cody Easterday admitted billing Tyson for over 260,000 heads of cattle that didn’t exist, in order to cover over $200 million in commodity-trading losses.
A Washington state rancher has been sentenced to 11 years in prison for a nearly quarter-billion-dollar ripoff of Tyson Foods Inc. TSN in which it sold the meat processor more than 260,000 heads of cattle that didn’t exist.
Prosecutors say Cody Easterday, 51, of Mesa, Wash., ran the “ghost cattle” scam for more than four years in order to cover over $200 million in losses he had incurred trading commodity futures. As part of the arrangement, Tyson would front Easterbay the money to purchase and feed the cattle, paying back those funds at 4% interest when the cattle were sold for slaughter. Easterbay would keep the difference in price as his profit, according to court documents.
In 2020, Easterday entered into a similar arrangement with a smaller, unnamed firm in Washington, prosecutors said. In all, prosecutors say, he stole $233 million from Tyson and $11 million from the smaller company. Easterday’s attorney, Carl Oreskovich, said his client had built a company that brought in $250 million in revenue a year but suffered from a gambling addiction that led him to make increasingly risky commodity trades, causing him to fall into a deep financial hole.
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