Arkansas Treasurer Martha Shoffner has been arrested for extortion by the Federal Bureau of Investigation and is being held in Pulaski County Jail.
FBI spokeswoman Kimberly Brunell said Shoffner was arrested Saturday at her home in Newport and is scheduled for a federal court hearing Monday. Brunell said Shoffner was arrested on charges of "extortion under color of official right." Brunell said she would have more details Monday.
Shoffner, a Democrat serving her second term in office, has faced questions over the past year about the way her office has handled state investments. Legislative auditors last year said Shoffner's office in 2011 sold 11 bonds from its investment portfolio before they had matured and purchased similar bonds from the same brokers, resulting in a net loss of more than $58,000.