"I just advised that we do not sell bonds early. I don't know if that's my duty to tell what's ethical, Autumn Sanson, chief investment officer of the agency said.
Chief Investment Officer Autumn Sanson asked members of the Joint Auditing Committee if she would be covered under the Whistleblower Protection Act over questions about the bonds. The chairman for the panel said he could not answer that question.
An audit found that Treasurer Martha Shoffner's office sold bonds from its investment portfolio before they had matured and purchased similar bonds from the same brokers, resulting in a net loss of more than $58,000. Sanson said she advised against selling the bonds early.
"I want to apologize, but I want you to know that the Treasurer of the State is working for the people of Arkansas, Shoffner said.
Shoffner could not explain why the bonds were sold early.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)