Conflict of interest

Editorial, Charlotte Observer

Les Merritt appears to be having a hard time understanding that voters in 2004 elected him to be N.C. State Auditor -- not State Auditor and Private Financial Adviser, and not State Auditor and Four Oaks Bank Board Member.

Mr. Merritt, a Republican, did step out of his investment adviser business after a flap over his divided loyalties, but when political watchdog Joe Sinsheimer questioned his decision to be a director of Four Oaks Bank in Zebulon, Auditor Merritt said he would accept no money from the bank and intended to remain on the board.

Front-paged by Anglico

Democrats are generous.

That’s why we thought it was important to send a cake to Republican State Auditor Les Merritt wishing him well on the retirement of his side gig as a personal financial advisor.

We delivered a retirement cake at approximately noon today, along with your retirement wishes. A photo of it is attached.

The cake serves as a reminder of Mr. Merritt’s promise that on June 30 he would stop providing investment advice to private clients.

North Carolina's Auditor needs to decide which job he prefers and resign from one of them. Merritt is the elected state Auditor and draws a full time salary of over $100,000 a year along with state benefits. He also remains involved in a personal venture as a retirement investment consultant.

Continuing with both jobs places him in a conflict of interest situation and he could be getting clients as a result of his state Auditor position.

Read the N&O editorial comment...

News and Observer
March 22, 2007
Editorial

Merritt in the moonlight

Les Merritt needs to resign. Oh, not from his elected post as state auditor, where he's been doing a good job watchdogging government. No, Merritt needs to bag his moonlighting as a retirement investment consultant, something he's been doing with his son, Dale.

First, the state auditor's position is full-time, paying over $100,000 a year, and Merritt should give it his undivided professional attention. Second, he should recognize the unseemliness of appearing to use his position as a high state official to attract private clients, whether he advertises in that fashion or not. Third, there is a potential for a conflict of interest if he ended up with a client who was a state employee. Read more...