New Mexico Treasurer David King last week lost the Democratic primary to Michael Montoya for this fall's state treasurer election.
Montoya's win over King, the incumbent, virtually guarantees Montoya will be elected treasurer Nov. 8 because the Republicans did not field a candidate in their primary.
Montoya won by a 54% to 46% margin over King, who is the nephew of gov. Bruce King.
Besides being treasurer, King has served on the boards of commissions of the state in investment council, the education retirement board, the Mortgage Finance Authority, and the Border Authority.
During the primary race, both King and Montoya were accused of wrongdoing. King was sued by two former employees on charges of sexual harassment. Montoya, a former deputy state auditor, was sued for allegedly not paying loans. Both have denied the allegations.
King also is scheduled to testify in a trial involving a former state employee who allegedly attempted to bribe and intimidate King in an investment scheme. The trial date had not been set.
The state treasurer is responsible for collecting, investing, and dispersing $16 billion in taxpayer dollars.
King has been in office since 1990 and has worked in state government for 20 years. Montoya, a certified public accountant, was deputy state uditor in 1992 and 1993 and director of the New Mexico Medicaid fraud unit in 1992.