Arkansas Governor To Name New State Treasurer

May 29, 2013

Arkansas Gov. Mike Beebe is naming his pick to replace the state treasurer who resigned over accusations she accepted cash payments in exchange for steering business to an investment broker.

Beebe on Wednesday planned to announce the replacement for Martha Shoffner, who stepped down last week after she was charged with extortion by federal prosecutors over the cash payments. 

Governor Mike Beebe

Whoever Beebe appoints will fill the remainder of Shoffner's term, which ends in January 2015, and can't run for the post next year. Shoffner, a Democrat, was re-elected in 2010. 

Prosecutors say Shoffner accepted at least $36,000 in cash in exchange for steering state business to a bond broker. Shoffner's attorney has said she plans to plead not guilty at the appropriate time.