Arkansas Business: Martha Shoffner released, arraignment not set

    6:24 AM, May 21, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Both the Dow and the S&P 500 index edged lower on Monday.

    This comes as investors waited on more information about the Federal Reserve's economic stimulus program.

    Fed Chairman set to appear before Congress

    Tomorrow, Fed Chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy meeting.

    Still, both stock indexes are close to record levels after ending Friday with a fourth straight week of gains.

    Martha Shoffner behind bars, arraignment not set

    But the big story still is Arkansas Treasurer Martha Shoffner in front of a federal judge yesterday after being arrested by the FBI Saturday at her Newport home.

    An affidavit by an FBI special agent alleges that Shoffner received at least $36,000 in payments from a broker who did businesses with Shoffner's office while Shoffner funneled an inordinate amount of business to that broker's company.

    Shoffner for was in court for about 10 minutes yesterday to be informed of the federal extortion charges against her.

    She'll face an official arraignment hearing at an as-yet-to-be-determined date.

    Her attorney, Chuck Banks of Little Rock, says he expects her to plead not guilty at that time. She also says she does not plan to resign.

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