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By Jim Scarantino | New Mexico Watchdog
SANTA FE — A fraudulent audit has rocked the agency responsible for managing $2 billion in public bonds for the State of New Mexico.
Credit rating agencies are threatening downgrades that could cost tens millions in additional financing charges.
Angry bondholders could hit the state with millions of dollars in litigation costs and judgments if their investments are downgraded.
State Auditor Hector Balderas says “tens of millions of dollars” are missing from the financial statements. Nobody knows yet how much may be lost from bank accounts.
The agency behind the mess, the New Mexico Finance Authority, puts it squarely on the shoulders of Greg Campbell, the former controller it alleges forged an audit.
Campbell has disappeared.
But New Mexico Watchdog is on his trail.
Read the complete story at New Mexico Watchdog.
