ARK. TREASURER ACCUSED OF TAKING CASH FROM BROKER [View all]

[Freddie Stubbs]

Source: Associated Press

LITTLE ROCK, Ark. (AP) — Arkansas' state treasurer was accused Monday of taking at least $36,000 in cash — sometimes stashed in a pie box — from a broker who later came to manage a large share of the state's $3.3 billion stock and bond portfolio.

Martha Shoffner made her initial federal court appearance Monday and was released on her own recognizance. She was also ordered to surrender her passport.

Federal prosecutors allege Shoffner accepted $12,000 a year from a broker who would sometimes deliver cash in a pie box, pie included. The broker is cooperating with investigators.

Shoffner, a Democrat, told reporters outside the courthouse Monday that she does not intend to resign. She was re-elected in 2010 and has faced inquiries over the past year about the way her office has handled state investments.



Read more: http://bigstory.ap.org/article/ark-treasurer-accused-taking-cash-broker