CEO At Helm During Fake Audit Fired

Sep 29, 2012

The New Mexico Finance Authority has fired CEO Rick May, who has been on leave with pay since last month because of a scandal over a fake financial audit.  Authority board chairwoman Nann Winter declined to comment on May's firing Friday because it was a personnel matter but said, "It is time to move on."

May said in a statement the board's decision was an attempt to make him the scapegoat for the fake audit. The authority's former controller has been indicted on forgery and securities fraud charges for his role in falsifying financial statements.

May raised the possibility of filing a lawsuit to protect his reputation.

May joined the authority last year after serving as Gov. Susana Martinez's cabinet secretary of the Department of Finance and Administration

Copyright 2012 The Associated Press.