After leaving office, Graham soon took a job with Watermark Communities Inc. In 2004, mayor Lois Frankel appointed Graham to the Downtown Development Authority. Graham resigned after only one year, citing her mother's ailing health. However, Frankel later stated it was because of a conflict of interest with The Related Companies, developer of CityPlace, while Graham responded by claiming that Frankel conducting "backroom deals" was the actual reason she resigned. Later in 2005, Graham moved back to San Diego to become executive director of Centre City Development Corp. Controversy surrounding her involvement with The Related Companies continued in San Diego, California. NK Ventures, owned by Graham, received $3.5 million in 2005 from Lennar and The Related Companies for the development of the Moorings at Lantana in Lantana, Florida. She failed to disclose this information prior to entering negotiations with the two companies for a major project in San Diego in 2007. Two years later, Graham was charged with misdemeanor conflict of interest. In exchange for a non-contest plea, under which she agreed to not hold elected office in California for three years, Graham was fined $3,300 by the state and $32,000 by the San Diego Ethics Committee.
