Arkansas State Treasurer Martha Shoffner Targeted in Criminal Probe

Arkansas State Treasurer Martha Shoffner answers a question during a meeting of the Legislative joint Auditing Committee at the Arkansas state Capitol in Little Rock, Ark., Friday, Dec. 14, 2012. Shoffner told lawmakers Friday that her office planned to change its practices and improve documentation after a critical audit.(AP Photo/Danny Johnston)

Legislative grilling of State Treasurer Martha Shoffner over her management of a $1 billion-plus bond portfolio and calls for law enforcement agencies to dig deeper are more than mean-spirited partisan bluster.

Sources have confirmed to Arkansas Business that Shoffner, a Democrat, had been under criminal investigation for more than a year when, on Dec. 14, the Republican-led Legislative Joint Auditing Committee voted to refer an audit of her office to state and federal authorities.

Some believe her testimony under oath before the committee, compelled by a rare legislative subpoena, is an extension of that probe, which now includes the FBI.

Shoffner, whose second and final term as state treasurer ends Dec. 31, 2014, couldn’t be reached for comment. The FBI has a policy of neither confirming nor denying investigations. Click here to read the full story from our partners at ArkansasBusiness.com.