Regulator: ‘Catastrophic’ failure of NMFA controls

October 12, 2012 • State News

SANTA FE, N.M. (AP) — The state’s top securities regulator said Thursday a fake audit at the New Mexico Finance Authority went undetected for months and was distributed to investors because of a complete breakdown of the agency’s management and oversight.

Securities Division Director Daniel Tanaka told a legislative committee Thursday the release of the audit with misleading financial information was a “catastrophic systemic failure in the controls surrounding the audit progress.”

NMFA ex-controller Greg Campbell has been indicted for securities fraud and forgery, but a legislator complained that no top executives Login to read more

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