SPOKANE, Wash. (AP) — A Tri-Cities cattle rancher has pleaded guilty in federal court to a single count of wire fraud and faces up to 20 years in prison for a scam involving cattle that did not exist.

Defense attorneys contended Wednesday that Cody Easterday started trading on the commodities market as a hedge against losses and became addicted.

Easterday has promised to pay $244 million in restitution. The scheme began in 2016 and unraveled in November.