The South Dakota Public Utilities Commission decided Tuesday against suspending the grain-buyer’s license but placed stiff conditions on Utica Grain Inc., reports the Rapid City Journal.
The company, whose president is Yankton businessman Ralph Marquardt, must submit monthly financial reports for third-party review and keep clean financial records.
Marquardt also guaranteed any producer would be made financially whole.
The company has locations at Irene, Meckling, Tabor and Utica.
Mitch Peterson, a Sioux Falls lawyer, told the Journal the company now was in compliance with a requirement state Class A license holders have cushions of at least $100,000.
