Ark. treasurer appears at hearing on audit

Associated Press

LITTLE ROCK, Ark. (AP) - State Treasurer Martha Shoffner is appearing before a legislative panel to discuss an audit questioning her office's investment practices after not showing up at a hearing last week.

Shoffner arrived at a hearing room Monday afternoon to discuss the audit with the Legislative Joint Auditing Committee.

Shoffner didn't show up to a Friday hearing on the audit, even though lawmakers issued a subpoena for her to appear.

Legislators planned to issue another subpoena to compel her to testify before the panel's Monday meeting. Shoffner's office said she missed Friday's meeting because of a scheduling conflict.

An audit found that 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.

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