Brown Stockyards, Inc. Fined $16,000 for Failing to File Annual Report
WASHINGTON, January 24, 2008 - On January 17, 2008, Brown Stockyards, Inc., (Brown) Baton Rouge, Louisiana, entered into a consent judgment with the United States of America for failure to file an Annual Report as required by the Packers and Stockyards (P&S) Act of 1921. Brown is engaged in business as a market agency, selling livestock on a commission basis and is a stockyard owner. Anton L. Wald, Jr. and John B. Wald of Kenner, Louisiana, each own 50% interest in Brown. Brown has been ordered to:
- Pay $16,000 plus interest from the date of judgment until paid and all allowable costs;
- Submit a completed, signed and dated Annual Report, Financial Statement and Federal Income Tax returns for the preceding 2 years to determine payment terms; and
- Until the Consent Judgment is paid in full, submit a signed and completed Financial Statement on each anniversary date of the Consent Judgment.
The Consent Judgment resolves charges that were filed on October 15, 2007, in United States District Court, Middle District of Louisiana, in which Brown was alleged to have:
- Failed to file its Annual Report of Market Agency for the fiscal year ending May 31, 2005 by its due date of August 31, 2005, with Grain Inspection, Packers and Stockyards Administration (GIPSA), an agency within the United States Department of Agriculture. Brown's annual report for that fiscal year was received on December 15, 2006, 394 days late; and
- Failed to file its Annual Report of Market Agency for fiscal year ending May 31, 2006 by its due date of August 31, 2006, with GIPSA. On August 7, 2007, an annual report for that fiscal year was received; however it was unsigned and incomplete.
Section 201.07 of the regulations issued under the P&S Act (9 C.F.R. § 201.97) requires every packer, live poultry dealer, stockyard owner, market agency, and dealer, operating subject to the P&S Act, to file an annual report with GIPSA.
The P&S Act is a fair trade practice and payment protection law that promotes fair and competitive marketing environments for the livestock, meat, and poultry industries.
Catherine M. Grasso 202-720-7201
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