The state treasurer of Arkansas was accused Monday with taking thousands of dollars in cash payments sometimes hidden in a pie box from a broker who became the manager of a large share of the state’s stock portfolio.
Martha Shoffner, a Democrat, accepted at least $36,000 according to federal prosecutors, the Associated Press reports:
Federal prosecutors allege Shoffner accepted $12,000 a year from a broker who would sometimes deliver cash in a pie box, pie included. The broker is cooperating with investigators. […]
An affidavit filed in Little Rock federal court said a broker — unidentified in court documents — would roll up money in $6,000 increments and have it delivered to Shoffner’s office in a pie box. The document, by FBI Special Agent Richard McLain, said the broker has been granted immunity in exchange for his or her cooperation.
Shoffner was criticized in a legislative audit last year for bond sales that blocked the state from earning more than $400,000.