NMFA keeps executives on leave over fake audit (with letter from Rick May)
Posted at: 09/10/2012 12:03 PM
| Updated at: 09/10/2012 1:01 PM
By: BARRY MASSEY Associated Press
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SANTA FE, N.M. (AP) - The New Mexico Finance Authority is keeping two top executives on administrative leave while investigations continue over a fake financial audit.
The authority's governing board on Monday met in a closed-door executive session to discuss its executives but took no action during a public meeting to change their suspension from last month.
Chief Executive Officer Rick May is on leave while receiving his $150,000 salary.
May sent a letter to the board last week threatening possible legal action. (Read the letter below.)
He contends it's premature for the board to consider firing him until audit investigations are completed.
Chief Operating Officer John Duff, who has been on leave without pay, and former controller Greg Campbell were arrested for fraud and other charges last month involving fake financial statements, which were distributed to investors.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Read the letter:
Richard May - Memorandum to NMFA Board - September 7 2012 (2)
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