Camarillo City Manager Tenders His Resignation
Camarillo’s city manager offered his resignation at a council meeting Wednesday night for failing to prevent the city from losing about $25 million from bad investments last year.
City Manager Thomas Oglesby said he had failed to fulfill his responsibility of keeping track of the city’s finances.
Oglesby said he was unaware of the investment losses, but that he was responsible for overseeing City Treasurer Donald F. Tarnow, who lost the nearly $25 million through highly speculative investments that backfired when interest rates rose last spring. Tarnow was fired in January.
Oglesby’s resignation, if accepted by the council, would be effective June 30.
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