Cattle Brokerage Firm Under Investigation

After complaints filed by farmers and ranchers across the United States, the Kentucky Agriculture Commissioner Richie Farmer and Attorney General Jack Conway are investigating an Indiana-based cattle brokerage firm.
The investigation into Easter Livestock Co. began after the company accepted contracts from 70 farmers across the country but failed to pay for livestock purchases or maintain adequate bono.
Reports state Eastern Livestock Co. caused $130 million in losses for farmers across 30 states. Eastern Livestock Co. is the largest cattle brokerage firm in the United States. Southeast Livestock Exchange, Moseley Cattle
Auction and David Rings were among the companies that filed bankruptcy on behalf of Eastern Livestock Company. The companies claim Eastern Livestock did not reimburse them for $1.5 million in purchases according to The Associated Press.
There are a variety of other companies making similar claims. Eastern Livestock has 20 days to object the motion from the courts before hearings begin.
For more information contact Farm Plus Financial at 866-929-5585.