ORANGE, Calif. (AP) -- Robert Citron, whose bad investments as Orange County treasurer forced the county into bankruptcy in 1994, has died. He was 87.
His wife, Terry, tells the Los Angeles Times (http://lat.ms/SNLxqP ) that Citron died Wednesday after a heart attack.
Citron made big bets on complicated investments that earned high yields but eventually caused $1.64 billion in losses. The county's subsequent bankruptcy was, at the time, the largest municipal bankruptcy in U.S. history.
A grand jury investigation found that Citron had relied on a mail order astrologer and a psychic for interest rate predictions.
Citron pleaded guilty to six felony counts and was sentenced to day work sorting mail in the county jail.
Citron later testified in a county lawsuit against Merrill Lynch that the investment house settled for $400 million.
Information from: Los Angeles Times, http://www.latimes.com