According to a criminal complaint, Price’s wife’s consulting firm, Del Richardson & Associates, received payments totaling more than $150,000 from a pair of developers, between 2019 and 2021. Price also allegedly failed to report the money paid to his wife’s company on city disclosure forms.
The complaint alleges that Price embezzled money between 2013 and 2017 by having the city cover around $33,000 in medical premiums for his current wife while he was still married to another woman.
The 72-year-old councilman was charged with five counts of grand theft by embezzlement, three counts of perjury, and two counts of conflict of interest.
Price sent a letter announcing his decision to step down as council president, and surrendered all of his committee assignments, but he will still retain his council seat.
“While I navigate through the judicial system to defend my name against unwarranted charges filed against me, the last thing I want to do is be a distraction to the people’s business,” Price said.
Price has represented the 9th District since 2013, which includes most of South Los Angeles and Exposition Park.