SANTA FE, N.M. (AP) — The former controller at the New Mexico Finance Authority was able to fake a financial audit because of management and oversight failures as well as a “culture of complacency” at the agency, according to a report Monday by the state’s top securities regulator.

The Securities Division’s report came four days after ex-controller Greg Campbell pleaded guilty to felonies for faking the audit and misrepresenting the authority’s finances to investors who bought the agency’s bonds earlier this year.