Fake NMFA Audit Attracts More Investigations, Credit Agencies Watching Closely
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Barry Massey of the Associated Press reports that the New Mexico Securities Division is now looking into the question whether investors were misled by the fake audit for the 2011 financial condition of the New Mexico Financial Authority. In his report, Massey elaborates on how the NMFA’s former controller, Greg Campbell, misled management on the status of the agency’s 2011 audit review by the New Mexico State Auditor. Mr. Campbell’s motivations are not yet known. Here is Massey’s report.
Patty Watson, public information officer for the NMFA, told New Mexico Watchdog today that other credit rating agencies “have not downgraded NMFA’s bonds, but are watching [the situation] closely.” We were the first and only New Mexico news outlet to report that the credit rating Moody’s had announced a formal review to determine whether certain New Mexico debt should be downgraded in light of the revelation that the 2011 audit presented to them and bond investors was fraudulent.