LITTLE ROCK 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.