NM investment officer Gary Bland resigns

Posted at: 10/22/2009 11:47 AM
By: Reed Upton, KOB.com

SANTA FE, N.M. (AP) - Members of the State Investment Council wanted to remove State Investment Officer Gary Bland when he announced his resignation Wednesday.

State Land Commissioner Pat Lyons says a private law firm hired by the council had gathered information that Bland pressured investment firms doing business with the state to hire certain third-party marketing or placement agents.

He declined to identify the marketers, saying he didn’t want to jeopardize investigations by the U.S. Attorney’s Office and the Securities and Exchange Commission.

The state investment officer oversees the management of New Mexico’s permanent funds valued at more than $11 billion.

Bland did not explain his resignation and declined to comment on the allegations disclosed by Lyons.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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