Co-op trustees to discuss audit
Socorro Electric Cooperative’s board of trustees will hold their third special meeting in less than four weeks to address financial irregularities that led to the firing of two co-op managers last month.
The purpose of the next special meeting, scheduled for Tuesday, Sept. 7, at 5:30 p.m., is to discuss hiring a firm to conduct the audit.
“I think the majority of the board wants there to be one — have a fresh set of eyes look at it,” said Paul Bustamante, the co-op’s president. “They want to get an auditor in as soon as possible.”
Bustamante said the bid committee met earlier this week to discuss bids received from at least three different firms.
The audit for the fiscal year ending March 31, conducted by the Lubbock, Texas, accounting firm of Bolinger, Segars, Gilbert and Moss, turned up material weaknesses with 18 accounts.
Co-op President Paul Bustamante was recently accused of covering up the scandal by District 5 Trustee Charlie Wagner.
Wagner has been pushing for a forensic audit, a detailed accounting capable of exposing fraud, embezzlement and malfeasance.
Twice last week — during the board’s regular monthly meeting and at a special meeting on the auditor’s report — Wagner called for the board to hire BKD CPAs and Advisors of Springfield, Mo., to do a forensic audit. Each time, the matter was tabled.
Forensic audits can be used for legal evidence in prosecuting crimes.
Wagner is named as the class representative in an effort for a class action lawsuit filed against his fellow trustees, four former trustees and the co-op’s former general manager, Polo Pineda, Jr., on Aug. 24.
Pineda and Kathy Torres, who served as accountant-office manager, were fired three weeks ago amid allegations of irregularities in the co-op’s accounting.
Bustamante said trustees will also discuss compensation for the people who are filling the roles of Pineda and Torres.
Richard Lopez has stepped in as general manager. David Montoya shifted over from line superintendent to operations manager. Administrative Assistant-Payroll Clerk Eileen Latasa is now doing the duties of office manager, while Senior Billing Clerk Frances Herron has taken over accounting. Supervisor of Engineering Services Sophie Chavez steps in to fill Montoya’s old role.
Contact T.S. Last