The California travel baron, billionaire investor and one-time presidential candidate, has been ordered to step down from his position as CEO of Clarion Capital, a private equity firm he founded in 2011.
The order was issued Friday by the California Office of Administrative Law, the California Board of Equalization and the California Department of Finance, which are both part of the state’s General Services Commission.
The new governor, Republican Gov.
Gavin Newsom, said in a statement that Clarion had “violated state laws and policies by failing to meet its fiduciary responsibilities.”
Clarion was named a “fiduciary by association” by the state.
Newsom said in the statement that he and his family “are deeply disappointed in the state of California’s enforcement of our fiduciaries laws, and I will be working to implement new policies to restore public confidence in our public sector.”
President Donald Trump and his wife Melania attend the opening of the annual Bastille Day Parade at the Place de la Concorde in Paris, France, June 11, 2020.AP