On Saturday the FBI arrested two-term Arkansas State Treasurer Martha Shoffner (D-Newport) on charges of “extortion under color of official right,” a violation of the Hobbs Act.
Shoffner has been under scrutiny in Arkansas for a seemingly unexplainable investment she made of state funds. After a legislative audit last year it came to light that in 2011 her office sold 11 bonds that hadn’t matured and then bought similar bonds from the same brokers, resulting in a loss of more than $58,000 of the state’s money.
In December of 2012, state authorities decided to hand over their investigation to federal authorities once it appeared that, along with the failed investing practices, Shoffner had also converted campaign funds to her personal use. ...More HERE