The demise of Albuquerque accounting firm Meyners Company—a major player with more than $6 million in New Mexico state contracts in the last three years—was predictable.
Bruce Malott, Meyners' former managing principal, saw his fortunes turn two years ago, when whistleblower Frank Foy alleged that Malott, as former chairman of the state's Educational Retirement Board, pressured Foy to invest millions in Chicago-based Vanderbilt Capital Advisors—a major donor to former Gov. Bill Richardson's presidential campaign, for which Malott was treasurer.
Malott has denied wrongdoingbut, on Sep. 2, after news surfaced of a questionable loan from another Richardson insider with pay-to-play problems, Malott stepped down as ERB chairman.
On Dec. 6, the state attorney general dealt Malott another blow, refusing to pay his legal fees. By Jan. 1, Meyners was gone—snapped up by Clifton Gunderson LLP, a Milwaukee-based accounting giant. Former Meyners principal Georgie Ortiz says Clifton Gunderson will pick up Meyners' $1.7 million in pending state contract payments. The state, Ortiz says, will then decide whether to rehire Clifton Gunderson.
There may be competition: On Jan. 11, Malott opened his own firm, O2 CPA Consulting Group, at 111 Lomas Blvd. in Albuquerque.
Lucky numbers? Time will tell.