The Nebraska Public Service Commission has issued an order denying a motion for reconsideration of a civil penalty assessed to Banghart Properties, LLC, a.k.a. Fearless Grain Marketing Storage & Arbitrage, a.k.a. Fearless Grain Marketing, a.k.a. Fearless Grain of Gettysburg, SD, reports DRGNews.com.
On March 15, 2022, the PSC assessed a civil penalty of $290,000 against the Banghart Properties, LLC (and its various aliases), for operating as a grain dealer in Nebraska without a license.
Banghart Properties filed a Motion for Reconsideration with the commission March 25.
Commissioners heard oral arguments on the Motion to Reconsider on May 2. The company – should it choose to – now has 30 days to file a court appeal regarding the commission’s decision.
Fine is "largest in recent memory"
The Nebraska PSC levied the large fine against the South Dakota grain dealer in March.
The order in March said Banghart Properties must pay a fine of $290,000 for operating without a license and failing to properly document grain purchases.
The fine reflects $10,000 for each of the 29 unlicensed transactions that were documented in the complaint.
PSC spokeswoman Deb Collins said the fine is the "largest in recent memory" handed down by the commission.
According to a complaint filed in October, the company operated for months in the state without a license and made numerous deals with farmers.