Review shows no embezzlement at the NMFA

State Auditor Hector Balderas says his review of the New Mexico Finance Authority found no evidence of embezzlement by the former controller accused of faking an audit. 

But he says the deception was able to occur because the NMFA board and executive management "were asleep at the wheel." The findings echo those earlier this month from the state Securities Division, which blamed management and oversight failures as well as a "culture of complacency" at the agency. 

Balderas's report is the first to say definitely that no money is missing. The report also makes a number of recommendations for improving controls at the authority.

Review shows no embezzlement at the NMFA