Bruce Malott resigned Sept. 1 as chairman of the $8.55 billion New Mexico Educational Retirement Board, according to a notice on the board’s website.
He resigned after revealing to Gov. Bill Richardson that he had borrowed money from Anthony Correra, whose son, Marc Correra, as a placement agent obtained investments for money managers from the board and the $13 billion New Mexico State Investment Council, both in Santa Fe.
Mary Lou Cameron, New Mexico Educational’s vice chairwoman, will serve as chairman until the board elects officers, possibly as early as the next board meeting on Sept. 16.
Mr. Malott was one of two board members appointed by Mr. Richardson, who will appoint a new member to the board shortly, the notice on the board’s website states. Gilbert Gallegos, Mr. Richardson’s chief of staff, could not be reached by press time for comment.
Mr. Malott could not be reached by press time.