Arkansas Business reports that the state Securities Department has sued former bond salesman Steele Stephens for failure to pay a $20,000 fine assessed after an investigation of his securities dealing with former Arkansas Treasurer Martha Shoffner.

Shoffner faces a federal prison sentence for taking money from Stephens in return for her office’s bond business with him. He made some $2.4 million in commissions over the span of his dealing with the office. The criminal charges said he paid her some $36,000 in cash. He cooperated with the investigation and was never charged with a crime.

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A Securities Department hearing officer concluded a review of Stephens on allegations including unsuitable investments and false information provided to the client by revoking his registration May 7 and assessing the fine. He also has been barred by national officials from the securities business. The state said Stephens had not paid the fine and asked for a court judgment for the amount of the regulatory ruling.

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