Arizona's state treasurer will resign from his post on or before Dec. 1 as part of his plea agreement with the state of Arizona in Maricopa County Superior Court on Wednesday.
David Petersen pled guilty to a class 1 misdemeanor of knowingly filing a false or incomplete financial disclosure statement with the state for the 2005 year.
Petersen earned about $4,200 in commission from selling training materials, according to a memorandum to the plea agreement.
He needed to disclose the income because he is an elected official, said Andrea Esquer, press secretary to the office of the attorney general..
"It's a sad day," said Arizona Attorney General Terry Goddard.
In February, the state began a larger investigation of Petersen for theft, fraudulent schemes and practices and conflict of interest, according to court documents.
Suspicion was warranted, but the investigation found no proof that Petersen misused his office, Goddard said.
"He pled [guilty] to the one charge we could prove," Goddard said.
Petersen is to be sentenced on Dec. 1 and he must resign from his post on or before that date, according to the plea agreement.
He could be sentenced to six months in jail and ordered to pay a fine of $2,500 plus additional fees said Maricopa County Superior Court Judge James Keppel.
The state is not making a recommendation of Petersen's sentence and it is entirely up to the court, Goddard said.
The governor will appoint an interim state treasurer for the time between Petersen's resignation and when the new treasurer takes office in January, Goddard said.
The interim treasurer must be a Republican appointment because Petersen is a Republican, Esquer said.
Petersen was elected as state treasurer in 2002 and held the office since January 2003.
Reach the reporter at: jeffrey.mitchell@asu.edu.
