Albuquerque, N.M. ? New Mexico’s state treasurer and his predecessor were charged Friday with racketeering, accused of taking about $700,000 in kickbacks from investment advisers.

An indictment stemming from a two-year FBI investigation accused Treasurer Robert Vigil and former Treasurer Michael Montoya of receiving the illegal payments.

The two men, both Democrats, allegedly received kickbacks from three financial advisers who were paid commissions for helping invest public funds, according to an affidavit. Montoya allegedly was paid about $632,000 while Vigil received about $54,000.

The two men appeared briefly in federal court Friday, and were released on their own recognizance.

Vigil said after the hearing that he would plead not guilty to the charges and would continue to serve as treasurer.

“I feel I’ve done a great job and continue to do a great job,” Vigil said.

Montoya was not immediately available for comment. It was not immediately known whether Montoya had an attorney; he appeared in court Friday without one.

One investment adviser who cooperated with the FBI’s case, Peter Simons, said he paid Montoya part of his commissions and personally delivered cash to Montoya three times – in amounts ranging from $4,000 to $10,000, according to an affidavit.