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Arkansas treasurer audit referred to law enforcement

By The Associated Press

This article was originally published December 14, 2012 at 6:55 a.m. Updated December 14, 2012 at 1:08 p.m.

state-treasurer-martha-shoffner-right-listens-to-autumn-sanson-her-chief-investment-officer-tell-her-side-of-the-story-at-a-meeting-of-the-legislative-joint-auditing-committee-on-september-17-2012

State Treasurer Martha Shoffner, right, listens to Autumn Sanson, her chief investment officer, tell her side of the story at a meeting of the Legislative Joint Auditing Committee on September 17, 2012.

— Arkansas lawmakers are asking federal or state investigators to look into an audit that says Treasurer Martha Shoffner’s decision to sell bonds before they matured cost the state more than $434,000 worth of earnings.

The Legislative Joint Auditing Committee on Friday voted to refer its review of 30 bond transactions by Shoffner’s office to federal or state law enforcement.

Shoffner told the panel she relied on the advice of brokers but didn’t do an independent analysis when her office sold bonds before they matured. Auditors said the state could have made more money if Shoffner’s office had held onto the bonds longer.

Shoffner told a legislative panel that her office planned to change its practices and improve documentation after the audit.

A message left with a spokesman for the U.S. Attorney for the Eastern District of Arkansas wasn't immediately returned Saturday night.

Comments on: Arkansas treasurer audit referred to law enforcement

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Displaying 1 - 10 of 10 total comments

Jackabbott says... December 14, 2012 at 7:44 a.m.

On the face of it, this does not look right. There is some explaining to do.

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NoUserName says... December 14, 2012 at 7:56 a.m.

She shouldn't have been re-elected after her comments regarding the state car fiasco. Hopefully, this will be the last public office she holds.

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JIMBOB47 says... December 14, 2012 at 8:30 a.m.

This is what you get when so many Arkansas voters vote 'straight Democrat'.. They never look at the candidates. This one NEVER should have been elected in the first place!

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Packman says... December 14, 2012 at 9:14 a.m.

Wonder how many Dalmation puppies Martha has at her house???? Martha Shoffner is little more than the offspring of an incestual demorat party. Are you demorats ashamed yet?

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gjo1957 says... December 14, 2012 at 9:25 a.m.

Shoffner looks like an alcoholic that has aged very badly. There has to be a reason for these unreasonable and possibly illegal transactions. Somebody is getting paid!!!

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MenLR2 says... December 14, 2012 at 9:34 a.m.

Got to be the best picture of the year!

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0zzarkie says... December 14, 2012 at 10:33 a.m.

The legislature hands are tied so this probably turns out to be a witch hunt and the electorate will forget and reelect her next time around. However it does open an opportunity to elect a Republican or a Our way Tea Party do nothing to the office.

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RBBrittain says... December 14, 2012 at 3:28 p.m.

A generic referral to "federal or state law enforcement" is NOT a routine action of the Legislative Joint Auditing Committee. If there WAS fire behind this smokescreen, the committee would have referred it SPECIFICALLY to the FBI, State Police, or Pulaski County prosecutor; instead they "referred" it to whoever in law enforcement will listen to their Chicken Little story (prediction: no one). This only PROVES this is all a show by the committee co-chairs (*both* GOP) to falsely imply that NOT doing things the way a legislative auditor with 20-20 hindsight later suggests MIGHT have made more money is somehow a crime...

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Kingpin says... December 14, 2012 at 8:54 p.m.

If looks could kill, Ms. Sanson would haved been a goner. For an elected official to say "I just did what they told me to" is about as assinine an excuse as I have ever heard. She definitely nededs to be made fully accountable for her stupid (and possibly illegal) actions.

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