State Treasurer resigns amid federal extortion charges

LITTLE ROCK (AP) - Arkansas' state treasurer has resigned after federal prosecutors accused her of taking cash payments from a broker who handled a large amount of the state's investment portfolio.{}{} {}Democrat Martha Shoffner resigned effective Tuesday from the office she has held since 2007 and was re-elected to in 2010. She was barred by term limits from seeking re-election next year.{}{} {}Democrats and Republicans called for Shoffner to step down after the FBI arrested her in a sting operation. She's accused of taking at least $36,000 in cash. At least two of the payments from the broker were delivered to Shoffner in a pie box.{}{} {}Democratic Gov. Mike Beebe was among those who called for Shoffner to resign. Beebe can appoint someone to serve out the rest of Shoffner's term.

Click here to see Shoffner's letter of resignation.

CONTINUING COVERAGETreasurer appears at hearing on auditState Treasurer Martha Shoffner arrested on extortion charges, Capitol reacts (May 18)Auditing Committee told law enforcement of Shoffner findings (May 19)Ark. treasurer accused of taking cash from broker (May 20)State leaders call on Shoffner to resign (May 20)Arkansas treasurer in court (May 20)Martha Shoffner's time in politics (May 21)