Wednesday, October 21, 2009

Update on Gary Bland

Gary Bland, who resigned as state investment officer today, was facing a vote of no confidence today due to evidence he was pressuring investment firms to do business with certain third-party marketers, the Associated Press is reporting.

Strangely, the only public place online where I could find the latest AP version of the story was on a Delaware site! CLICK HERE

AP reporter Barry Massey reported :

State Land Commissioner Pat Lyons said a private law firm hired by the council had gathered information that Bland pressured investment firms doing business with the state to hire certain third-party marketing or placement agents. He declined to identify the marketers, saying he didn't want to jeopardize investigations by the U.S. Attorney's Office and the Securities and Exchange Commission.

Bland, investmentment officer since early 2003, is the first appointee of Gov. Bill Richardson who has resigned due to issues involving investment scandals.