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fake audit

NM Securities Division Issues Report on Forged NMFA Audit: “Catastrophic Systemic Failures”

By   /  December 3, 2012  /  New Mexico, News  /  No Comments

A “culture of complacency” prevailed inside the New Mexico Finance Authoritt, the New Mexico Securities Division concluded in its in-depth report on the controversy surrounding the agency’s forged 2011 audit.  Internal controls inside the New Mexico Finance Authority began breaking down almost a year before the agency announced publicly that its 2011 audit had been forged.  […]

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Greg Campbell: The Man The New Mexico Finance Authority Blames For Its Fake Audit [Corrected]

By   /  July 17, 2012  /  New Mexico, News  /  No Comments

The NMFA told us their former controller had moved out of state after resigning from his post and could not be located.  But we found Greg Campbell’s fully furnished house in Albuquerque. And we’ve begun to fill in the picture of the man being blamed for a growing scandal in the agency that manages billions […]

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Fake NMFA Audit Attracts More Investigations, Credit Agencies Watching Closely

By   /  July 16, 2012  /  New Mexico, WatchBlog  /  No Comments

Barry Massey of the Associated Press reports that the New Mexico Securities Division is now looking into the question whether investors were misled by the fake audit for the 2011 financial condition of the New Mexico Financial Authority.  In his report, Massey elaborates on how the NMFA’s former controller, Greg Campbell, misled management on the […]

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New Mexico Finance Authority Has History Of Noncompliance With Audit Deadlines

By   /  July 14, 2012  /  New Mexico, WatchBlog  /  No Comments

The audit for the 2011 fiscal year was not the first to be late.  The New Mexico Finance Authority in prior years has failed to meet the statutory deadline for submitting its financial statement to the New Mexico State Auditor.  But FY 2011 was the first year the authority failed altogether to submit an audit […]

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$1.26 Billion in New Mexico Bonds Face Downgrade After Discovery of Fraudulent NMFA Audit/ Updated: NMFA Calls Emergency Meeting

By   /  July 14, 2012  /  New Mexico  /  No Comments

The rating agency Moody’s announced that it is placing $1.26 billion of New Mexico’s public debt on review for downgrade in the wake of revelations that the 2011 FY audit for the New Mexico Finance Authority was forged.  NMFA withdrew the audit provided to investors and rating agencies when it was discovered by the New […]

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State Auditor Hector Balderas Investigates “Fraudulent” Audit of New Mexico Finance Housing Authority

By   /  July 12, 2012  /  New Mexico, WatchBlog  /  No Comments

New Mexico State Auditor Hector Balderas today announced that his office has designated the New Mexico Finance Authority (NMFA) for a special audit after uncovering the existence of a fraudulent audit report of NMFA’s annual financial statements.  According to the State Auditor’s Public Information Officer, Antonio Corrales, Balderas’ office had put the NMFA on its […]

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