DALLAS — The New Mexico Finance Authority “over-emphasized and under-prioritized the importance of bond credit ratings,” in a “culture of complacency” that led to a fraudulent audit, according to an investigative report from the New Mexico Securities Agency.

The scandal over the phony audit has led to criminal charges and frozen the agency’s ability to issue debt on behalf of state and local governments.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.