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Posts tagged
'StBernard Financial Services'

Broker who bribed Treasurer Martha Shoffner ordered to pay $20,000 fine in final order

Yesterday, a hearing officer assigned to hear two financial securities cases related to former Arkansas Treasurer Marsha Shoffner issued a final order on the matter of Steele Stephens, the broker at St. Bernard Financial Services of Russellville who bribed Shoffner to obtain a higher volume of the state's bond business.
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Securities complaint arising from Shoffner case settled for $25,000 fine

Robert Keenan, CEO of St. Bernard Financial, reports that the company has settled a complaint that the firm failed to properly supervise salesman Steele Stephens, who paid kickbacks to then-Arkansas Treasurer Martha Shoffner for millions in state bond business. Stephens cooperated in a federal investigation that led to a federal fraud conviction. She's awaiting sentencing.
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Hearing officer appointed in treasurer's office cases at Securities Commission

Arkansas Securities Commissioner Heath Abshure has appointed North Little Rock lawyer Jack Pruniski as a hearing officer to hear two cases growing out of controversial dealings between former Arkansas Treasurer Martha Shoffner and an Arkansas securities firm.

Another state treasurer in corruption probe

Speaking of former Treasurer Martha Shoffner, accused of taking kickbacks for steering huge sums of state bond business to the broker making the payments: Here's another former state treasurer ensnared in a public corruption case, Tim Cahill of Massachusetts.
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Salesman in Shoffner probe resigns from securities firm

Steele Stephens, the securities salesman whose large share of state Treasurer Martha Shoffner's state bond investments triggered a federal investigation that led to a criminal charge against her, yesterday submitted a resignation by fax to his employer, St. Bernard Financial Services, based in Russellville.

Sources identify Steele Stephens as informant in Shoffner case

I hinted earlier that evidence was mounting that the securities salesman who provided confidential information to the FBI was Steele Stephens, the broker who began enjoying a huge share of Treasurer Martha Shoffner's bond business in 2010.
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Robert Keenan says no link between his firm, salesman and charge against Martha Shoffner

I've already mentioned this in the main item about the charge against Martha Shoffner, but I thought it was worth a separate mention given rampant speculation on who the government's confidential source in the securities business was that made payments to Shoffner and then wore a wire to gather incriminating information.

Securities commissioner comments on review of state trading

I wrote more than a week ago that reviews were underway — by legislative audit and the state Securities Department — that might take a look at a subject of discussion in the brokerage community.
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Brokers defend work with state Treasurer Shoffner

I still haven’t heard back from State Treasurer Martha Shoffner to talk about her office’s investment practices.

Small firm gets big share of state bond business

Interesting spread sheet here on the portion of State Treasurer Martha Shoffner's investment of public funds in bonds through brokerage accounts. She heavily favored a small Russellville firm, St. Bernard Financial Services.
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