NM County's Investments Probed By State Officials
The State Securities Division has launched an inquiry into Bernalillo County's investment practices.
The agency is trying to determine if a turnover of the county's $300 million investment portfolio was the result of a misguided effort in pursuit of higher interest rates or something more sinister.
The newspaper reports the treasurer's office shifted millions of dollars into long-term bonds and cut cash reserves to just over 5 percent in less than 18 months, resulting in potential losses of more than $22 million.
Division investigators have interviewed Treasurer Manny Ortiz, his securities adviser and investment officer Patrick Padilla and others.
Ortiz and Padilla were unavailable for comment.
Last week, county commissioners approved a "no confidence" vote in Ortiz over his investment practices.
Information from: Albuquerque Journal.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.