The U.S. Department of Agriculture entered into a stipulation agreement with Sheridan Livestock Auction Co. Inc. on Oct. 19, 2023, for alleged violations of the Packers and Stockyards Act. Under the terms of the stipulation, Sheridan waived its rights to a hearing and paid a penalty of $3,750.
An investigation by USDA’s Agricultural Marketing Service revealed that Sheridan had custodial account shortages on Sept. 15 and Nov. 16, 2022, of $23,648.18 and $320,973.84, respectively. The custodial shortages were due to the market failing to reimburse the custodial account by the close of the next business day for owner and market purchases and by the seventh day following the sale for uncollected receivables.