OKLAHOMA CITY — A campaign contribution tied to a firm selected for a high-profile state investment contract is now raising fresh questions about the integrity of Oklahoma’s “Invest in Oklahoma” program, after the company at the center of the controversy abruptly withdrew from consideration.
According to reporting by Oklahoma Watch, 311 Capital Management notified state officials Friday that it was pulling out of the bidding process for a key advisory role tied to the program. The decision followed scrutiny of a $2,500 campaign contribution made in February 2025 to State Treasurer Todd Russ by Bond Payne, owner of Citizen Capital, the parent company of 311 Capital.
Federal “pay-to-play” rules restrict investment advisers from receiving compensation tied to state investment business for two years after making political contributions to officials who have influence over contract decisions, a potential complication flagged in the report.
The Invest in Oklahoma board had voted in February to select 311 Capital over competing firms after a request-for-proposals process overseen by the Treasurer’s Office, which recommended the company.
The selection process was already under scrutiny. Concerns had been raised about undisclosed relationships and overlapping lobbying ties connected to entities involved in the bid. Oklahoma Attorney General Gentner Drummond had warned Russ the process appeared compromised and threatened legal action if the contract moved forward.
Russ told Oklahoma Watch his campaign receives hundreds of contributions and said he does not review donor information in the course of performing official duties. Payne said in a statement the firm “conducted ourselves appropriately” throughout the process.
However, Payne was identified in bid documents as founder of both Citizen Capital and 311 Capital and signed at least one non-collusion certification included in the firm’s proposal materials, raising further questions about the firm’s role and eligibility.
Russ also suggested any eventual contract work would have been carried out by a managing partner rather than Payne directly, though the report indicates Payne’s involvement in the firm’s submission was clearly documented.
The Invest in Oklahoma initiative is designed to direct a portion of the state’s public investment portfolio into Oklahoma-based private equity and venture capital opportunities. The state oversees tens of billions of dollars in pension, trust and other investment assets tied to such decisions.
The withdrawal of 311 Capital leaves the future of the advisory contract uncertain and adds to mounting political and legal pressure surrounding the program’s rollout.
Read the original report from Oklahoma Watch.
