The former controller of New Mexico Finance Authority that provides low-cost financing for capital projects by cities, counties, schools and New Mexico governmental organizations came under scrutiny when he was indicted on securities fraud and forgery charges.
The charges state that the controller, Greg Campbell misrepresented the Authority’s financial statements to rating agencies and investors that buy the agency’s bonds. The scandal prompted management shake-up of the authority and the legislators pushed for stronger oversight.
This indictment shows that the accounting scandals are pervasive and not just concentrated in the private sector and definitely shows that the governmental bodies are also coming under scrutiny for faking their financial information.