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Ark. treasurer to discuss audit with lawmakers

Arkansas Treasurer Martha Shoffner faces more questions from lawmakers over an audit that says her office's investment practices cost the state thousands of dollars.

LITTLE ROCK, Ark. (AP) — Arkansas Treasurer Martha Shoffner faces more questions from lawmakers over an audit that says her office's investment practices cost the state thousands of dollars.

Shoffner is set to appear Friday before the Legislative Joint Auditing Committee to discuss a review of bond transactions by her office. Legislative auditors in September said Shoffner's office sold bonds from its investment portfolio before they had matured, then purchased similar bonds from the same brokers, resulting in a net loss of $58,172.

Shoffner appeared before the panel in September — days after her absence at its original hearing prompted lawmakers to subpoena her. Shoffner's chief investment officer said she advised the treasurer against selling the bonds early — a claim that Shoffner has denied.

Shoffner is a Democrat who was re-elected in 2010.

 

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