NEITHER TOTALLY ACCURATE NOR INACCURATE: Thats how securities commissioner characterized a response from this securities firm in Russellville to a question about state bond business.

  • ‘NEITHER TOTALLY ACCURATE NOR INACCURATE’: That’s how securities commissioner characterized a response from this securities firm in Russellville to a question about state bond business.

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. That would be the large share of State Treasurer Martha Shoffner’s bond business — half a billion dollars worth, about a third of total investments with a dozen firms — with a small brokerage firm in Russellville St. Bernard Financial Services.

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I wrote then that St. Bernard officials said they’d been assured that the review was routine, as was their tradiing business. It’s merely a reflection of good prices and service, they said. Shoffner herself has refused to talk to me. She was snagged by the Democrat-Gazette’s Michael Wickline for a story on the same subject this morning. He also got a comment from Securities Commissioner Heath Abshure. That surprised me because I hadn’t been able to reach him in multiple attempts. Apparently, our failure to communicate was a phone problem.

In any case, he did respond to my e-mail this morning with an e-mail that inclluded a full copy of his response to the D-G on the question about whether his agency was reviewing the treasurer’s trades. It also covered the St. Bernard response. For the record, here’s what he wrote to me:

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