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US-based cattle feed yard charged with $233 million ghost cattle fraud and with misleading CME

( April 1, 2021, 17:06 GMT | Official Statement) -- MLex Summary: Easterday Ranches, a cattle feed yard based in the state of Washington, and its co-owner Cody Easterday were charged by the US Commodity Futures Trading Commission with defrauding one of their biggest business partners, a South Dakota-based beef producer, out of $233 million in connection with the sale of 200,000 heads of cattle that didn’t exist, the US Commodity Futures Trading Commission alleged. The feed yard also reported false or misleading information about its cattle inventory, purchases and sales to the Chicago Mercantile Exchange in at least two hedge exemption applications, the CFTC contended.Statement and document follow below:...

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