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Mon November 11, 2013
NM County's Investments Probed By State Officials
The State Securities Division has launched an inquiry into Bernalillo County's investment practices.
The Albuquerque Journal reports 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.
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