BREAKING San Diego reaches $9.4M settlement over 101 Ash Deal; DA files criminal charges
SAN DIEGO - The San Diego City Council Wednesday agreed to a settlement with the real estate broker who helped the city negotiate lease-to-own agreements for the 101 Ash Street and Civic Center Plaza buildings and earned more than $9.4 million for doing so.
The San Diego City Attorney's Office had sued Hughes, developer Cisterra and lender CGA and sought to void the city's lease-to-own agreements for the buildings. Elliott's office argued there was a conflict of interest because Hughes allegedly represented himself as a volunteer adviser on both deals, but unbeknownst to the city, collected the $9.4 million from Cisterra.
"These people defrauded us on a massive scale," she said."I have no assurance Hughes will not form another company and do business with the city again." Councilman Kent Lee, the council's newest member, admitted he knew more about the case as a member of the public than as an elected official, but said the body needed to regain public trust.
"Despite today's good news, the moment is also bittersweet," she said."Cisterra is no less culpable than Hughes or Hughes Marino, yet the city agreed to dismiss its litigation against them in exchange for the return of the profits it made on the 101 Ash Street transaction.
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