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Orange County Supervisors strip county treasurer of investment powers
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Orange County Supervisors strip county treasurer of investment powers
Orange County Supervisors strip county treasurer of investment powers
The Orange County Board of Supervisors today unanimously decided to strip county Treasurer-Tax Collector Chriss Street of his investment powers. The decision follows a federal judge’s decision against the treasurer in a civil lawsuit.
The judge ruled that Street breached his fiduciary duty when he served as trustee to the End of the Road Trust before he was treasurer. The judge ruled that Street failed to protect the assets he was supposed to monitor and liquidate.
The Orange County Board of Supervisors unanimously agreed to transfer Street's investment power until his term ends in January to county Chief Financial Officer Robert Franz.
"It's a sad day," said Supervisor Bill Campbell. "I'm not aware of any issues relative to Mr. Street's activity as our treasurer-tax collector. This is more just the very practical issue in dealing with the public trust."
Campbell said it's about maintaining the trust of investors in the county, too.
Street, who wasn't at the meeting, asked supervisors in a letter to temporarily remove his investment power while he considers his legal options.
He wanted the power to go to the county's auditor-controller, but the supervisors didn't go with that plan.
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In the letter, Street wrote that while he relinquishes control "with a heavy heart," it's the best way to avoid "misplaced perceptions."
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