Chriss Street Drops Out – Beware the Ides of March

Treasurer-Tax Collector Chriss Street is having a bit of a bad month. A federal judge has ruled against him in his fraud trial, ordering him pay more than $7 million for breaching his fiduciary duties in managing a bankruptcy trust. Monday is the Ides of March.

The OC Register reports that O.C. Treasurer Chriss Street will not seek reelection and recommends supervisors temporarily suspend his investment authority.

Today The Orange Couty Register’s Jennifer Muir reports that Orange County supervisors are moving forward with a plan to suspend embattled Treasurer-Tax Collector Chriss Street’s authority to invest county funds, Supervisor Bill Campbell said late Thursday.

Campbell and board Chairwoman Janet Nguyen are sponsoring an emergency agenda item that calls for transferring Street’s investment authority to county Chief Financial Officer Bob Franz.

“We just don’t believe it’s proper to have someone found guilty in court of breaching his fiduciary duty to be responsible for managing the county’s investment funds,” Campbell said. “It’s our obligation to protect the assets and reputation of the county’s investment pool.”

All four county supervisors would have to approve the emergency action, which would remove Street’s authority 15 days after they vote.

Read Muir’s complete report here.