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Citron Robert Biography

American white-collar criminal, a longtime Treasurer-Tax Collector of Orange County, California, when it declared Chapter 9 bankruptcy on 6 December 1994. The bankruptcy was brought on by Citrons investment strategies, which seemed to be an effort to earn high incomes for the county, without raising taxes, through risky, leveraged positions in bonds. The strategy paid out at first. In 1994, a cash crunch occurred when interest rates increased and financiers for the county required increased collateral from the county. Facing 14 years in prison, Citron pleaded guilty to six felony counts and three special enhancements. Charges also included filing a false and misleading financial summary to participants purchasing securities in the Orange County Treasury Investment Pool. While in bankruptcy, every county program budget was cut, about 3,000 public employees were discharged, and all services were reduced. Citron was sentenced to one year of work release and five years of supervised probation, and performed 1,000 hours of community service. He died at the age of 87 on 16 January 2013. Link to Wikipedia biography Read less