Puckett resigns from treasurers’ board

Costa Mesa’s top financial executive, Marc Puckett, abruptly resigned from his post on the board of directors of the California Municipal Treasurers Assn. about two weeks after he was placed on leave from City Hall for an undisclosed reason.

Puckett was slated to take over as president of the professional organization in April before he sent out an e-mail announcing his resignation Aug. 24, said Kelley Williams, president of the California Municipal Treasurers Assn.

“I was shocked, completely shocked,” Williams said. “It was a shock to all of us. We don’t know what happened.”

Puckett did not give a reason in the e-mail for his resignation, but said he hoped to rejoin the organization in the future, Williams said.

Williams has not been able to contact Puckett since, she said.

Puckett, 47, of Aliso Viejo, has been on leave from his post as Costa Mesa’s finance director since the beginning of August.

City officials have declined to say why Puckett has been on leave, except to say the matter is unrelated to the city’s finances.

A Daily Pilot search of court records for Puckett revealed only a few old traffic citations.

City officials on Tuesday could not say if or when Puckett would return to work at City Hall.

“He is still with the city, but not in the office,” said Steve Mandoki, Costa Mesa director of administrative services. “Because it is a personnel matter, we cannot comment on anything.”

Puckett gained national attention for forming a coalition of local governments that unexpectedly lost money when the New York Investment firm Lehman Brothers filed for bankruptcy in September 2008.

Costa Mesa had $5 million invested with the firm.

The organization Puckett formed, the Lehman Brothers Working Group, is still trying to get the federal government to reimburse local agencies that lost money in the investment firm using government bailout money.