A true story of family, fraud, land and power
in the American West.
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part 1
The Empire Builders
Meet the Easterdays – ranching royalty rooted in the Columbia Basin in southeast Washington state. But behind the well-known family name hides a dark secret, concealed in spreadsheets and bum invoices, that’s eating away at their vast empire.
part 2
the swindle
Cowboy Cody Easterday lies big, creating a “ghost herd” of 265,000 cattle that only exist on paper and bringing in hundreds of millions of investment dollars from companies including a meat-packing giant. It’s fraud on a massive scale. We examine how he carried it out.
Episode Transcript
part 3
The Gamble
Why would someone create a ghost herd? Behind Cody Easterday’s swindle was an even-bigger gambling habit on the futures market. That vice may have changed the price of American beef slapping down on your kitchen table. We also look at how all of farmin’ is a gamble.
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part 4
the Crash
Cody's swindle comes crashing down, and it’s all thanks to Covid. When a giant meat operation discovers the truth about his ghost herd, they take aim at Cody.
part 5
The bidding war
The Easterday empire is being broken apart. Some of the most valuable farmland in America is up for sale, and the billionaires are coming to town. The bidding war over water-rich lands shows the shift in how America farms.
part 6
the reckonin’
Native Americans once owned these lands, and they still treat the Columbia Basin as their sacred home. We’ve all benefited from that taken land, but now corporations are the West’s new settlers. Meanwhile, Cody faces a federal judge and his tight-knit rural community. His sons start taking over what remains of the family’s vast operation and beat-up reputation.
Additional Materials
Anna King’s Reporting
Read reporting from Anna’s two years covering this case.
Map of Key Locations
Click the map above to expand.
Tyson Declaration
This court document details how Tyson Fresh Meats initially uncovered Easterday’s Fraud.
Bankruptcy Plan
This document shows a breakdown of the bankruptcy plan for Easterday Ranches and who is owed what.
Cody’s Sentencing Memo
Cody Easterday’s sentencing memorandum and motion for a lower sentence.
Letters Supporting Cody
Letters from Cody’s friends and family, including his wife, appealing to the judge for a low sentence.
Letter from Tyson
Letter from Tyson Fresh Meats asking for Cody Easterday to receive the maximum sentence.
DOJ’s Sentencing Memo
Department of Justice US Attorney’s Office’s recommendation for sentencing Cody Easterday.
Credits
Host & Creator: Anna King
Producer: Matt Martin
Editor: Jim Gates
Supervising Producer: Brendan Sweeney
Project Manager: Whitney Henry-Lester
Cultural Edit: Jiselle Halfmoon
Fact-checking: Lauren Vespoli
Logo Design: Heather Willoughby
Photography: Megan Farmer
Music: James Dean Kindle, Roger Conley, Andy Steel and Adam Lange, Addison Schulberg
Web Design: Michaela Gianotti Boyle
Marketing: Michaela Gianotti Boyle, Hans Twite, Joleen Ann Laue, Kaitlyn Nicholas