Wyoming
Wyoming’s Highest Paid Administrator Makes $525K, Manages $30B In…
The highest paid state government administrator makes more than $525,000 a year, and most people in Wyoming have likely never heard of him.
He’s Chief Investment Officer Patrick Fleming, who recently announced he’ll step down from the post next June.
According to the state auditor’s office, Fleming made $525,959 in 2023, more than any other elected official or department head in the state. After tax deductions, Fleming’s take-home pay was $367,771.
The only Wyoming state employees making more than Fleming in 2023 were involved with University of Wyoming athletics: former UW football coach Craig Bohl, former UW men’s basketball coach Jeff Linder and the university’s athletic director, Tom Burman. That’s according to government spending website Openthebooks.com.
How It Compares
As chief investment officer, Fleming is responsible for managing the state’s more than $30 billion worth of non-pension assets.
In a statement, Fleming said he’s looking forward to spending more time with family and friends.
“I really enjoy my work and am proud of how our office has grown and what we have accomplished,” Fleming said. “There are still a few things I’d like to see us complete before I step aside at the end of June, but I felt it was appropriate to announce this decision now so I can help the Treasurer work with the Legislature and create a generational fund – which I also believe is vital for our State’s future – as well as provide ample time to implement a succession plan.”
Since joining the state in 2014, Fleming helped grow Wyoming’s sovereign wealth fund from $19.5 billion to more than $30 billion, with nearly $9 billion used during that time to support the state’s budget and an additional $450 million in revenue produced over the last six years.
State Treasurer Curt Meier highlighted Fleming’s record in a press release announcing his retirement.
“The job Patrick has done during his tenure has been vital to the well-being of the entire state,” Meier said in the press release. “The earnings distributed as part of the budget funding is equivalent to about a third of all the State’s revenues during that time period. This has decreased the tax burden on our citizens while preserving services vital to the Cowboy State.”
Grew Wyoming’s Investments
Masoudi Hesam, the chief investment officer for the Wyoming Retirement System, made only $440 less than Fleming in 2023 at $525,519.
Meier told Cowboy State Daily where Fleming made his biggest impact was in the mentorship he showed to his staff, which he grew to a team of 10 during his time. He also said Fleming was adept at understanding the world’s markets and how they could affect Wyoming’s investments and investment opportunities.
Under Fleming’s watch, the treasurer’s office also instituted a volatility-based risk measurement system while moving away from traditional equity and bond approaches.
Gov. Mark Gordon, who worked directly with Fleming when the governor was state treasurer, also commended Fleming’s “unwavering commitment to Wyoming and ability to explain complex financial ideas in a way that gave confidence to policymakers paved the way for the program to evolve into the bellwether sovereign wealth investment house it has become.”
“Every Wyoming citizen has more money in their pocket as the result of his skill and leadership,” Gordon said. “Beyond his service to the state, though, Patrick is a real friend who has always put Wyoming first. He will be missed.”
According to the treasurer’s office, Fleming previously spent 30 years working in Tokyo, Hong Kong, London and New York specializing in domestic and global bond markets, equities and commodities. He also is the former CEO of a 77-year-old investment firm in New York and taught corporate finance, investment management and energy trading at the University of Wyoming.
Industry Standard
State Rep. Liz Storer, D-Jackson, a member of the Select Committee on Capital Financing and Investments which has been critical at times of the state’s investing decisions, said Fleming’s pay is somewhat competitive when compared to what’s offered in the investment industry.
Anything less, she said, and the state would be forced to hire people with less experience that would likely leave as soon as they were offered a higher paying opportunity.
“It’s pretty equitable with the capital finance performance pay for positions of CIO as well as investment managers and how they’re paid in the real world,” Storer said. “It’s kind of what you need to pay in order to be competitive.”
Meier went even further, arguing that the base salaries paid out in his office as well as the Wyoming Retirement System are “well below” industry standards.
“Even after exceeding our benchmarks for each of the past five years, the overall pay package barely gets them to the medium,” he told Cowboy State Daily.
Fleming made $275,959 in his base salary and an additional $250,000 in performance compensation in 2023.
“If you pay for performance, at least you can retain them for longer,” Storer said.
The treasurer’s office will begin the process of finding a CIO in the coming months.
Storer said she’d like to see a strong emphasis made on experience in private equity and an understanding of the world markets for the state’s next CIO.
Meier said he hopes to find someone with similar professionalism and experience to Fleming, who he said he will utilize for input during the hiring process.
Leo Wolfson can be reached at leo@cowboystatedaily.com.
Wyoming
Outdoor Fun Awaits At Local Parks With Izaak Walton League’s Hiking Series From April To September
Hiking can be an activity that you enjoy doing on your own, but sometimes you need a little extra inspiration, and a group hike is exactly what you need. If you’re looking for a group to explore the outdoors with, the Charles E. Piersall chapter of the Izaak Walton League of America hiking group may be what you’re looking for.
The mission of the IWLA:
To engage the community in the conservation, restoration, and promotion of environmental protection, we focus on the sustainable use and enjoyment of our natural resources, including soil, air, woods, waters, and wildlife. This commitment is essential for a sustainable future, and activities like hiking help foster a connection with nature
The group is open to all ages, and even your pup can join in on the fun if they’re on a leash. There is a series of hikes planned beginning on April 1. Nope, this isn’t a prank; it is a real chance to meet other outdoor lovers and take in some of the area’s best hiking trails. The hikes are scheduled on the odd Wednesdays from April to September, weather permitting.
Join us to connect with others who appreciate the beauty of outdoor hiking and environmental advocacy hiking. Remember to bring drinking water, snacks, good walking shoes or boots, and a jacket. A walking stick or hiking poles can also be helpful.
Here are the hikes they have planned for this summer.
April 2026
- Wednesday, April 1, 6 pm, Morad Park to Paradise Valley:
- Wednesday, April 15, 6 pm, Edness K. Wilkins State Park:
- Wednesday, April 29, 6 pm, Tate Pumphouse, Golf Course loop:
May 2026
June 2026
July 2026
- Wednesday, July 1, 6 pm, Muddy Mountain, North Face:
- Wednesday, July 15, 6 pm, Muddy Mountain, Beaver Ponds:
- Wednesday, July 29, 6 pm, Casper Mountain, Biathlon:
August 2026
September 2026
16 Types Of Hikes Explained
7 Trails To Hike In Central Wyoming
There’s no doubt about it, the entire state of Wyoming is covered in amazing hiking trails. If you’re visiting central Wyoming here are 7 trails that you should check out. I’ve organized them from easier to harder, ending with Laramie Peak.
Wyoming
Wyoming Reporter Now Facing An Additional 10 Felony Charges
The Platte County Attorney’s Office has nearly doubled the possible penalties for a Wyoming reporter accused of forging exhibits in an environmental case tied to her staunch opposition to a wind farm.
The 10 new counts against April Marie Morganroth, also known as the Wyoming-based reporter Marie Hamilton, allege that she convinced her landlords that she’d been approved for a home loan to buy their property, and grants to upgrade it.
Hamilton was already facing 10 felony charges in a March 9 Wheatland Circuit Court case, as she’s accused of submitting forged documents and lying under oath before the Wyoming Industrial Siting Council.
That’s an environmental permitting panel that granted a permit to a NextEra Resources wind farm, which Hamilton has long opposed. She’s also reported on NextEra’s efforts and the community controversies surrounding those.
Then on Wednesday, Platte County Attorney Douglas Weaver filed 10 more felony charges: five alleging possession of forged writing, and five more alleging forgery.
The former is punishable by up to five years in prison and $5,000 in fines; the latter by up to 10 years in prison and up to $10,000 in fines.
Hamilton faces up to 65 years in prison if convicted of all charges in her March 9 case. The March 25 case would add up to 75 years more to that.
Both cases are ongoing.
Hamilton did not immediately respond to a voicemail request for comment left Thursday afternoon on her cellphone. She bonded out of jail earlier this month. The Platte County Detention Center said Thursday it does “not have her here.”
The Investigative Efforts Of Benjamin Peech
Converse County Sheriff’s Lt. Benjamin Peech investigated both cases at the request of Platte County authorities, court documents say.
When he was investigating evidence that Hamilton submitted forged documents and lied under oath for Industrial Siting Council proceedings, Peech also pursued Hamilton’s claim that she owned property on JJ Road, and that she’d bought it with a U.S. Department of Agriculture loan.
The property, however, is registered under Platte County’s mapping system to a couple surnamed Gillis, says a new affidavit Peech signed March 19, which was filed Wednesday.
Peech spoke with both husband and wife, and they said they had the home on the market to sell it, and Hamilton contacted them in about July of 2025.
Hamilton told the pair that she and her husband wished to buy the property and were pre-qualified for a USDA loan through Neighbor’s Bank, wrote Peech.
But the property didn’t meet the standard of the loan, Hamilton reportedly continued. Still, she’d been approved for a USDA grant to work on the problems with the property and bring it up to the standards to qualify for the loan, she allegedly told the homeowners.
Papers
Hamilton provided the couple and their realtor with letters from USDA showing her loan pre-approval and grant approvals, the affidavit says.
During the lease period that followed, Hamilton was late “often” with rent and didn’t provide the couple with work logs until pressed, Peech wrote.
In early 2026, the lieutenant continued, the homeowners became concerned and asked Hamilton about her progress improving the property.
Hamilton reportedly sent the homeowners two invoices from contractors, showing she’d paid for work to be done. She said the wind had delayed that work, wrote Peech.
The affidavit says the Gillis couple sent Peech the documents Hamilton had reportedly given them, along with supporting emails showing those had come from one of Hamilton’s email addresses.
The Loan approval documents showed the respective logos for USDA Rural Development and Neighbor’s Bank at the top of each page, the lieutenant wrote, adding that the documents assert that Hamilton and her husband had been approved for the loan.
“There was then a list of items that needed to be completed — 14 items — prior to Final Loan Approval,” related Peech in the affidavit.
A signature at the bottom reportedly read, “Sincerely, USDA Rural Development Neighbors Bank Joshua Harris Homebuying Specialist.”
Grant Document
The documents purporting Hamilton had received a grant also showed the USDA Rural Development logo at the top of each page, with the names of Hamilton and her husband, other boilerplate language and a description of a $35,000 home buyer’s grant.
The project was about 65% complete at the time of review, the document adds, according to Peech’s narrative.
Peech describes more documents: a January notice, an invoice bearing the logo and name of “Cowgirl Demolition and Excavation, LLC,” and another invoice bearing the logo and name of “Pete’s Builders Roofing and Restoration.”
Real Estate Agent
Peech spoke with the Gillises’ real estate agent, Kay Pope, and she said she’d tried to verify the USDA grant and pre-approval by calling Susan Allman, who was listed in the documents as the Casper-based USDA agent. Pope left several messages without response, the affidavit says.
Pope spoke with Hamilton’s real estate agent, and he said he’d spoken to Allman, and he gave Pope a phone number.
Cowboy State Daily has identified Hamilton’s real estate agent and tried to contact him for further clarification.
Pope called that number and left messages without response, wrote Peech.
Peech then called a USDA Rural Development office and spoke with a Janice Blare, deputy state director, he wrote.
Peech sent the three USDA letters to Blare and gave her “all of Hamilton’s names and aliases,” he added.
The lieutenant wrote that Blare later told him the USDA investigated the letters and determined no evidence existed to show the USDA had issued them.
No records existed either, of Hamilton “using all her alias permutations” or her husband within either the USDA loan program or grant program, wrote Peech.
The USDA didn’t have an office at the address listed in two of the letters. The address pertains, rather, to a dirt lot. The USDA Rural Development office didn’t have a program titled “Rural Communities Home Buyer Program” as listed on two of the letters.
On Nov. 6, 2025, the date of the first letter purporting Hamilton had been approved for the grant program, all U.S. government offices including USDA were on furlough, noted Peech from his discussion with Blare.
A person named Susan Allman didn’t appear in USDA’s employee records, Blare reportedly added.
The Phone Call
Peech called the cellphone number one of the letters listed for Allman, “and this was disconnected,” he wrote.
The number Hamilton’s real estate agent had given was a voice over internet protocol number that Bandwidth LLC operates but is assigned to Google, added Peech.
Meanwhile, Converse County Investigator Amber Peterson spoke with the construction and roofing companies listed in the documents.
Chad Derenzo of Pete’s Roofing confirmed the logo and name listed on the documents were his company’s own — but said his company hadn’t issued the bid listed in those documents, according to the affidavit.
“Their company had never contracted to do work for Hamilton or at the… JJ Road address,” the document says.
The invoice also bore an address in Torrington, Wyoming, and his company doesn’t have a Torrington office, said Derenzo, reportedly.
Jessica Loge of Cowgirl Demolition and Excavation gave similar statements, saying the documents bore her logo, but her company hadn’t issued the bid or contracted with Hamilton.
Clair McFarland can be reached at clair@cowboystatedaily.com.
Wyoming
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