Gary W. Jones, dba Big Spring Livestock Auction is Assessed a Civil Penalty in the Amount of $10,000
WASHINGTON, April 7, 2008 - On March 17, 2008, Grain Inspection, Packers and Stockyards Administration (GIPSA) entered into a consent decision with Gary W. Jones (Jones) doing business as Big Spring Livestock Auction, Big Spring, Texas.
Jones has been ordered to cease and desist from:
- Failing to deposit in his custodial account, in a timely fashion, an amount equal to the proceeds received from the sale of consigned livestock;
- Failing to properly maintain his Custodial Account for Shippers Proceeds; and
- Misusing custodial funds by withdrawing funds for purposes other than for payment of net proceeds to any person that the market agency knows is entitled to payment; to pay lawful charges against the consignment of livestock which the market agency, in its capacity as agent, is required to pay; and obtaining any sums due the market agency as compensation for its services.
Jones has also been assessed a civil penalty in the amount of $10,000.
The consent decision resolves charges that were filed on November 8, 2007, in which GIPSA alleged that Jones:
- Failed to properly maintain its Custodial Account for Shippers Proceeds;
- Failed to deposit in his custodial account, in a timely fashion, an amount equal to the proceeds received from the sale of consigned livestock; and
- Misused custodial funds by using them for his personal use.
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.
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Catherine M. Grasso 202-720-7201
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