"Betting the Ranch" first appeared on High Country News (hcn.org). When confronted by a Tyson worker, and next a trio of corporate honchos, he told them all he had "screwed up" and "pissed it away on the Merc." The farm encompasses 18,000 acres of potatoes, onions, corn and wheat; all grain products produced are used to feed cattle in the Easterday Ranches feedlots. Profits for ranchers have trended slimmer almost every year since the late 1980s, when those prices were first tracked. As of Dec. 25, 2020, Tyson's net worth was $23.59 billion, so it comes as no surprise that the company reported that the loss caused by Easterday Farms . More time: Judge postpones Easterday sentencing another six months Easterday faces up to 20 years in prison. Registered in England and Wales. 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. The civil action comes as the 49-year-old Easterday pleaded guilty March 31in federal court of defrauding Tysonof more than $244 million in what prosecutors say was a scheme to cover his company's losses in commodities trading, has arguedthe lawsuit shows there is more than one "bad actor"among the state's largest dairies. The defendant submitted false and fraudulent documentation, and then brazenly used the proceeds to cover his losses and for his personal benefit. That year, with losses piled high and cash undoubtedly short, Easterday told employees to submit fake invoices to Tyson, a criminal investigation found, billing for cattle he never bought and feed for those imaginary animals. Easterday Sentencing Delayed For Third Time | AgWeb (c) Copyright 2023 DTN, LLC. It has a history of environmental violations under a former owner and may never get the permits it needs. But last spring, cattle moved in droves to large feedlots in places like Nebraska, Kansas and Texas where grass was abundant. "You've always got Tyson and all those big plants saying, 'You guys have got to get your costs down.' Farm Progress Show annually hosts more than 600 exhibitors displaying new farm equipment, tractors, combines and farm implements; seed and crop protection products; and many additional farm supplies and services. It was last updated with additional information at 11:36 a.m. CDT on Thursday, June 24. Not all features of DTN / The Progressive Farmer may function as expected. In the interim, because the coronavirus had bottlenecked beef processing and prices for consumers had spiked, pay for ranchers had fallen to an historic low of 31.1% before rebounding to 35.8% by June. On Sept. 15 the U.S. Bankruptcy Court was notified that Agri Beef-affiliate Blue Tag Farms had bid $14 million for more than 600 pieces of equipment at Easterday farms and ranches. For the next two years, he was in a nasty cycle, billing Tyson for imaginary cattle, then paying down the losses and trading again. He says he will never forget a classic case of cattle theft he couldnt solve. What will it take to protect the river's health? The Easterdays supported mechanics and parts stores and irrigation specialists all over town, often keeping large accounts open. He is scheduled to be sentenced on August 4 and faces a maximum penalty of 20 years in prison. "He was almost like anxious anxious to do something, get something accomplished.
When Is Alaska: The Last Frontier Coming Back On, Articles E