Release No.: 076-17
WASHINGTON, May 11, 2017 – Fairway Georgetowne LLC, operating out of Brooklyn, N.Y., has posted a $25,000 surety bond with the U.S. Department of Agriculture (USDA).
The company posted the bond to obtain a license to operate in the produce industry.
Under the regulations of the Perishable Agricultural Commodities Act (PACA), the company was required to post a bond following its prior involvement in bankruptcy.
USDA will hold the bond for three years, providing assurance to the industry that the company will be able to pay for produce purchased and to conduct business according to PACA rules.
PACA Division, which is part of USDA’s Agricultural Marketing Service, (AMS), regulates fair trading practices of produce businesses that are operating subject to PACA including buyers, sellers, commission merchants, dealers and brokers within the fruit and vegetable industry.
In the past three years, USDA resolved approximately 3,500 PACA claims involving more than $58 million. Our experts also assisted more than 8,000 callers with issues valued at approximately $140 million. These are just two examples of how USDA continues to support the fruit and vegetable industry.
For further information, contact Josephine E. Jenkins, Chief, Investigative Enforcement Branch, at (202) 720-6873, or by email at PACAInvestigations@ams.usda.gov.
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