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. http://bit.ly/d654sat
Today The Orange Couty Register’s Jennifer Muir reports that Orange County supervisors are moving forwardÂ with a plan to suspend embattled Treasurer-Tax Collector Chriss Streetâ€™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 Streetâ€™s investment authority to county Chief Financial Officer Bob Franz.
â€œWe just donâ€™t believe itâ€™s proper to have someone found guilty in court of breaching his fiduciary duty to be responsible for managing the countyâ€™s investment funds,â€ Campbell said. â€œItâ€™s our obligation to protect the assets and reputation of the countyâ€™s investment pool.â€
All four county supervisors would have to approve the emergency action, which would remove Streetâ€™s authority 15 days after they vote.
Read Muir’s complete report here.