Treasurer Moorlach to Seek Second Term, Not State Post

John M.W. Moorlach, who raised concerns about the county’s investment practices months before its 1994 bankruptcy, announced Tuesday that he will seek a second term as county treasurer-tax collector rather than run for state treasurer.

Moorlach had been mulling a run for statewide office for several months but decided that being the county’s top money man for the next four years offered enough challenges and opportunities, he said.

“I decided it made sense to spend a little more time here and provide a steady hand,” he said. “There is still much to be done.”

Moorlach was an unknown Costa Mesa accountant in 1994 when he ran for treasurer against the powerful longtime incumbent, Robert L. Citron. Despite his repeated warnings that Citron’s investment practices were too risky, Moorlach was defeated by a large margin.

Four months later, Citron’s investment pool lost $1.64 billion and the county filed for bankruptcy. After Citron resigned under pressure, the Board of Supervisors appointed Moorlach to the job. Citron later pleaded guilty to six felony counts and completed a term in a jail work-furlough program.

Over the last three years, Moorlach has reorganized the treasurer’s office, imposed conservative investment rules and slowly built up the pool.

Citing public recognition that came from the bankruptcy, supporters urged him to seek the state treasurer’s job in 1998.

“While a part of me is willing to serve as California’s treasurer, I am content with the responsibilities and challenges provided here,” he said.