Orange County Treasurer and Newport Beach resident Chriss Street will not run for reelection in November and has asked the Board of Supervisors to temporarily suspend his investment authority.
In a letter to the Board of Supervisors on Friday, Street recommended that they temporarily delegate his investment powers to Auditor-Controller David Sunderstrom.
The authority transfer would allow Street to “weigh my legal options,” he wrote.
A U.S. Bankruptcy Court judge last week handed down a $7-million judgment against Street for breaching his fiduciary duties while he was a trustee for a bankrupt trust from 1998 to 2005.
