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California City Council orders parallel SDI due-diligence probe as forensic audit continues
Summary
Council voted unanimously to request a parallel due-diligence investigation into management of the SDI fund after landowners and the SDI committee raised questions about missing records, liquidity and past investment decisions; staff said additional trade records were provided to auditors and more reporting is scheduled.
The California City Council voted 4–0 on March 24 to request a parallel due-diligence investigation into the management of the SDI (Special Development/Investment) fund, directing staff to pursue answers alongside an ongoing forensic audit.
Council members moved after extensive public comment from SDI landowners and committee members who raised concerns about missing quarterly reports, large unexplained transactions and what they described as inconsistent cooperation from city…
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