Bill Richardson

The Beverly Hills financial advisory firm at the center of the investigation that derailed New Mexico Gov. Bill Richardson's hopes of becoming commerce secretary has had a series of run-ins with federal and state agencies -- and a growing list of former clients is now suing it for allegedly bilking local governments. CDR Financial Products Inc.

Bill Richardson's sudden exit from the future Barack Obama administration delivered dual blows to his role as the nation's leading Latino political figure and to his foundation that funds Latino political causes, political experts said Monday. The New Mexico governor, who had been on track to be the next secretary of Commerce, cited a federal investigation into state business for his withdrawal, saying it "would have forced an untenable delay in the confirmation process."

President-elect Barack Obama was dealt a setback to his incoming Cabinet on Sunday when Commerce Secretary-designate and New Mexico Gov. Bill Richardson withdrew from consideration amid a federal investigation into how a political donor from Beverly Hills won a lucrative state contract. Richardson, a former presidential candidate who was secretary of Energy and U.N.

Federal authorities are wrapping up an investigation that prompted New Mexico Gov. Bill Richardson to back away from serving in President Obama's Cabinet, with criminal charges against Richardson and his top aides unlikely, according to three sources familiar with the case. Justice Department prosecutors in Washington reviewed the case and concluded that an indictment was not warranted, said the sources, who spoke on the condition of anonymity because it was a law enforcement matter.