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NM: Probation for man at the center of faked audit scandal

By   /   November 30, 2012  /   News  /   No Comments

By Rob Nikolewski | Capitol Report New Mexico

PROBATION: That’s what Campbell gets.

SANTA FE – Greg Campbell – the man described as a rogue employee this past summer when news of a faked audit at the New Mexico Finance Authority caused a scandal that shook up Wall Street ratings agencies — was sentenced to five years of probation on Thursday after pleading guilty to three felony charges in district court.

Campbell admitted to falsifying an internal 2022 audit with the NMFA, which,  when discovered, threatened to reduce the state’s bond ratings, potentially costing taxpayers millions of dollars in higher interest charges for municipal projects the NMFA funds.

So far, the Moody’s and Standard & Poor’s ratings agencies have not lowered the state’s bond ratings as a number of investigations and audits inside the NMFA are conducted.

Why did Campbell fake the audit?

“I could say it was a time pressure,” Campbell told District Court Judge Stephen Pfeffer according to Associated Press.

Read the entire story at www.capitolreportnewmexico.com