Cattle industry braces for fallout over ghost cattle marketing scheme
The cattle industry is bracing for the fallout over an alleged ghost cattle marketing scheme.
It involves several entities, McClain Farms, 7M Cattle Feeders, and McClain Feed Yard, all of which filed for bankruptcy earlier this year. Reports from Drovers, as well as Beef Magazine, show as many as 80,000 cattle may have been involved. It resulted in upwards of $100 million worth of liabilities investors may never get back. Investigators say investors were promised returns but were paid with borrowed money.
USDA’s Ag Marketing Service is asking for unpaid sellers to file a claim with the department.