Ark. treasurer: Relied on broker advice on bonds - KATV - Breaking News, Weather and Razorback Sports

Ark. treasurer: Relied on broker advice on bonds

Posted:

By ANDREW DeMILLO
Associated Press

LITTLE ROCK (AP) - Arkansas Treasurer Martha Shoffner says she relied on the advice of brokers and didn't do an independent analysis when her office sold bonds before they matured, resulting in a net economic loss to the state of more than $434,000.

Shoffner told lawmakers Friday that her office planned to change its practices and improve documentation after a critical audit. The Legislative Joint Auditing Committee is reviewing 30 bond transactions by her office. The audit said that eight bond transactions with St. Bernard Financial Services Inc. resulted in the largest net economic loss of $783,835.

That loss was partly offset by gains from other brokers.

Shoffner said she wasn't showing preference to St. Bernard, which received the bulk of the treasury's bond business. Shoffner is a Democrat who was re-elected in 2010.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • PoliticalMore>>

  • Kerry warns Russia of expensive new sanctions

    Kerry warns Russia of expensive new sanctions

    Thursday, April 24 2014 6:58 PM EDT2014-04-24 22:58:12 GMT
    Secretary of State John Kerry is accusing Russia of failing to live up to commitments it made to ease the crisis in Ukraine.More >>
    Secretary of State John Kerry is accusing Russia of failing to live up to commitments it made to ease the crisis in Ukraine.More >>
  • Keystone XL pipeline part of larger Senate fight

    Keystone XL pipeline part of larger Senate fight

    Thursday, April 24 2014 6:47 PM EDT2014-04-24 22:47:07 GMT
    Alison Grimes is the latest Democratic Senate candidate to call for building the Keystone XL oil pipeline. But the move hasn't cost her support among some environmentalists as she tries to win the seat now held...More >>
    Alison Lundergan Grimes is the latest Democratic Senate candidate to call for building the Keystone XL oil pipeline, but the Kentucky secretary of state's move doesn't seem to have cost her support among...More >>
  • DHS sec'y puts ex-watchdog on leave after report

    DHS sec'y puts ex-watchdog on leave after report

    Thursday, April 24 2014 6:46 PM EDT2014-04-24 22:46:54 GMT
    A Senate subcommittee says the Homeland Security Department's former acting inspector general was too cozy with the White House appointees whose activities he was supposed to oversee.More >>
    The secretary of the Homeland Security Department put the agency's former internal watchdog on administrative leave Thursday following the release of a Senate report that concluded he was too cozy with senior agency...More >>