Broker gets $2.5 million; all Martha Shoffner got was $36,000 and a lousy extortion indictment | Arkansas Blog

Monday, March 10, 2014

Broker gets $2.5 million; all Martha Shoffner got was $36,000 and a lousy extortion indictment

Posted By on Mon, Mar 10, 2014 at 12:43 PM

Steele Stephens, the bond broker favored with extraordinary amounts of state business by former Treasurer Martha Shoffner, testified in federal court today that he received $2.5 million in commissions over the four years of doing business with Shoffner. During that time, he gave her $36,000 in six equal cash installments, the last in a pie box under watch by the FBI.

Chuck Banks, Shoffner's attorney, will get to cross-examine this afternoon. I guess he could ask if this was a self-respecting bribery scheme why Shoffner got such a small amount of the take. Steele quit his job after Shoffner's arrest. He is cooperating with the government and has not been charged with any crimes.

The government, according to KARK, rolled tape of a clandestine recording in which Shoffner told Stephens that she had told legislators she took nothing from Stephens and she'd "go to her fucking grave" with that.

UPDATE: Th government completed its case today. The defense is up tomorrow. Shoffner will not testify, reports say. If not it is unclear who if anyone might. 

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