Abshure files financial statements

Heath Abshure, commissioner of the Arkansas Securities Department, has filed his annual statement of financial interest for 2013 with the secretary of state’s office, listing $12,962 in nongovernmental sources of payment.

All of the money was paid by the North American Securities Administrators Association as reimbursement for money Abshure spent on airfare, lodging, ground transportation and meals.

The association is a nonprofit organization whose membership consists of securities administrators in 50 states and several North American countries. Abshure served as president of the association from September 2012 until October 2013. Abshure also has served as a board member of the association.

Abshure also received $1,171 in gifts last year in connection with the end of his term as association president, he said on the 2013 statement of financial interest, filed Thursday.

“I believe that the items disclosed fall outside required disclosures pursuant to [regulations] of the Arkansas Ethics Commission,” said Abshure, who nonetheless listed the gifts.

He received a gift card to Mack’s Prairie Wings, a hunting outfitter in Stuttgart, with a value of $599, a hockey stick signed by National Hockey League player Nicklas Backstrom valued at $142 and a Blue Sky Cube personalized award valued at $430, Abshure said.

“Since 1980, outgoing [association] presidents have received a gift card, a personalized Blue Sky Cube and an additional item of a personal nature,” Abshure said.

Every year the monetary value of the gifts is similar, said Abshure, who noted that his predecessor received gifts totaling $1,074.

Abshure and other state government officials are required to file the statement by the end of January each year.

Abshure was appointed commissioner of the Securities Department by Gov. Mike Beebe in December 2007. Abshure’s annual salary as commissioner is $104,936.

It was reported earlierthis month that Abshure had not included nongovernmental sources of payment in his statement of financial interest for 2012 and previous years. Abshure filed amended returns for 2008 through 2012 on Thursday and Friday, including those payments for previous years.

His reimbursements for 2008 through 2012 were primarily paid by the Securities Association.

Abshure listed $14,468 of reimbursements in 2012, $6,358 in 2011, $2,421 in 2010, $3,680 in 2009 and $4,266 in 2008. Combined, he received more than $44,000 in reimbursements for the six years. He only reported gifts in 2013.

Abshure received reimbursements for 55 events over the six years, an average of about $800 for each event.

Many of the events he received reimbursements for were sponsored by the national association, but some were for events such as testimony before congressional committees, participating in federal Securities and Exchange Commission meetings and attending President Barack Obama’s signing of the Jobs Act.

“Much of the travel I had happened before I became president [of the association],” Abshure said in an interview.

While he was president, Abshure attended many of the national association’s training events to give opening remarks and stay for a few days, said David Smith, chief counsel of the Securities Department.

Unlike other industry associations, the North American Securities Administrators Association funds training and education for members of every state Securities Department in the country, said Joseph Borg, director of the Alabama Securities Commission.

“In other words, [the national association] gives the vouchers every year to send my folks to training conferences that [the association] organizes and pays for,” said Borg, who also has served as president of the association. “[The association] pays for airfare, for transport and for meals. It’s a gift.”

Abshure is facing a complaint filed with the Arkansas Ethics Commission in November by Stephens Inc., a Little Rock-based investment firm.

The complaint claims Abshure allowed securities firms to make contributions to the North American Securities Administrators Association in lieu of paying a fine.

The largest contribution of $150,000 was made last year by Little Rock-based Crews & Associates. Two other out-of-state firms gave a total of about $22,000 to the association.

Abshure said he was weary of the accusations. In addition to the ethics complaint, Abshure has been questioned by the legislative Joint Performance Review Committee.

“The fight doesn’t bother me,” Abshure said. “It’s being on the defensive all the time.”