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Merlene Bailey Martinez sat high on her throne as the CEO of the Social Security Board. But Bailey’s days of reign are over because tonight news is that the resigned from her post as CEO. Martinez was thrown into hot water after allegations surfaced that she was part of an insider trading scheme whereby workers would have benefited from the government mortgage write off program.

In mid January, due to intense media pressure, Bailey and Internal Auditor Denise Mahler were placed on administrative leave. Immediately after; an internal audit was initiated by the Panel Kerr Foster Accounting firm.

After reviewing the results, representatives of both the Union and Private Sector on the SSB’s board and at least one of four government representatives voted for Bailey’s termination.

After a meeting held yesterday the board decided to give Martinez the option of resigning from her post. If that did not happen she would have then been terminated.

While Bailey was seen at work yesterday all indications are that she was there to file her resignation letter which was handed in late yesterday afternoon. A release sent out by the SSB indicates that Bailey turned in her resignation due to Negative public criticism that impacted her family and Christian community and as well to protect the SSB from negative publicity.

As for the Internal Auditor, Denise Mahler, we understand that she has returned to work since last week Tuesday the Board ruled in her favor. Leticia Vega will continue as the SSB’s acting CEO until a replacement for Bailey is found.

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