What’s grain fraud? State lawmakers are proposing tougher regulation of grain sales in response to the insolvency of an Audrain County trucking company. A pair of bills introduced in the House would increase the minimum bonding requirements for licensed grain dealers from $20,000 to $50,000. House Speaker Ron Richard also announces creation of an Agricultural Task Force to examine the problem.
In February, state regulators suspended the license and froze assets of T.J. Gieseker Farms and Trucking of Martinsburg. The family-owned business has assets of less than $1 million and more than $2 million in debts. But Representative Steve Hobbs, a Mexico Republican whose district includes many of Cathy Gieseker’s customers, estimates that losses exceed $15 million.
