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September 16, 2013

Newly Elected FINRA Board Member is being Investigated

Robert Keenan, a newly elected Financial Industry Regulatory Authority (FINRA) board member, is currently being investigated for his firm’s role in an alleged bribery scandal. The investigation has already brought an indictment against former Arkansas treasurer, Martha Shoffren. Federal prosecutors allege that $36,000 was given to Shoffren to ensure that the state would do business with St. Bernard Financial Services Inc. which is where Keenan an executive. From 2008 to 2013, Keenan’s firm sold the state of Arkansas approximately $1.69 billion of bonds which was close to double the amount purchased from any other firm. While no criminal charges have been filed against Keenan, the federal authorities have compiled evidence against Shoffren. Investment News reports that she is currently facing fourteen counts of bribery and extortion.

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