An affidavit filed in federal court alleges that Arkansas Treasurer Martha Shoffner repeatedly took cash payments from a broker who invested state money.
The affidavit filed Monday claims that Shoffner accepted multiple payments of $6,000 cash that were sometimes rolled up and hidden in a pie box.
The affidavit says the broker has been granted immunity in exchange for his or her cooperation.
The affidavit says Shoffner admitted to authorities that it was wrong to accept the cash.
Shoffner was arrested on an extortion charge Saturday and appeared in federal court Monday. She didn't enter a plea, with her attorney Chuck Banks saying she will enter a not guilty plea at the appropriate date. That has not yet been scheduled.
Afterward she told reporters she doesn't intend to resign, despite calls from many, including those within her own party, for her to step down.
Shoffner has been held in the Pulaski County Jail since Saturday, and Banks said she would return home to rest.
Shoffner was criticized in a legislative audit last year for bond sales that blocked the state from earning more than $400,000.