State Treasurer Martha Shoffner arrested on extortion charges, Capital reacts

Martha Shoffner

State Treasurer Martha Shoffner has been arrested and is being held in the Pulaski County jail.

Shoffner was arrested Saturday afternoon by the Federal Bureau of Investigation, according to Pulaski County Sheriff's Office spokesperson Lt. Carl Minden.
Shoffner was booked into the jail at 4:30 p.m. Saturday and is being held without bond.
FBI spokeswoman Kimberly Brunell told Channel 7 Shoffner was arrested Saturday morning at her home in Newport on extortion charges under the Hobbs Act.
The Hobbs Act prohibits actual or attempted robbery or extortion affecting interstate or foreign commerce, according to the U.S. Dept. of Justice.
Shoffner will appear in federal court Monday for a hearing, according to Brunell.
Shoffner, a Democrat serving her second term in office, has faced questions over the past year about the way her office has handled state investments. Legislative auditors last year said Shoffner's office in 2011 sold 11 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.
Channel 7 will have the latest on and at 10:00 p.m. Arkansas Republican Party:Arkansans should not and will not stand for corruption in their state government. It's important to note that republicans have worked to put in place legislative safeguards to prevent this type of abuse of power in the future and we look forward to 2014 when we can replace Martha Shoffner with an honest fiscal conservative in the state treasurer's office.

Sen. Jason Rapert:

Justice must be served and no one is above the law and no one has the right to turn a blind eye when another public official is doing something that they know is illegal or unethical.