Eastern Livestock Founder Sentenced to 10 Years

US - The founder and former chief executive officer, Thomas Gibson, of livestock auction business Eastern Livestock, has been sentenced to 10 years in prison, but still awaits federal charges.
calendar icon 29 June 2012
clock icon 1 minute read

Sentenced on June 26, Mr Gibson and the company's CFO, Steve McDonald, pled guilty in Metcalfe Circuit Court to over 150 charges, including engaging in organized crime and complicity to theft by deception over $1,000 in March.

The two were indicted in September 2011 on a single charge of mail fraud in US District Court in Louisville, the federal case is still pending.

Mr Gibson and Mr McDonald admitted to roles in an ongoing criminal collaboration between 2009 and 2010. Two other company executives, Darren Brangers and Grant Gibson, were each sentenced to five years in prision for their roles in the check kiting scheme.

Eastern Livestock bought cattle from Kentucky producers with non-existent funds. Many cattlemen have already received restitution and more checks will be distributed in the subsequent months. Restitution for victims in the case totals more than $850,000. So far, $600,000 has been handed out.

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