311 Capital Management Withdraws From Oklahoma Investment Program
- mike33692
- 2 hours ago
- 2 min read
311 Capital Management Withdraws From Oklahoma Investment Program
The growing controversy surrounding 311 Capital Management intensified Friday after the investment firm officially withdrew its bid to manage billions in Oklahoma state funds.
The decision follows mounting legal threats, political scrutiny, and conflict-of-interest concerns tied to Oklahoma’s Invest in Oklahoma program.
According to state officials, 311 Capital Management informed the Invest in Oklahoma Board it would no longer pursue the investment advisory contract after weeks of public backlash.
The dispute has triggered a major political fight involving Attorney General Gentner Drummond, State Treasurer Todd Russ, and Governor Kevin Stitt.
311 Capital Management Faced Conflict Questions
Attorney General Gentner Drummond publicly challenged the proposed contract involving 311 Capital Management, arguing the agreement was legally flawed.
Drummond claimed undisclosed business ties existed between Governor Kevin Stitt and Citizen Capital LLC — the parent company connected to 311 Capital Management.
The Attorney General also questioned whether the investment firm met minimum eligibility standards because the company had reportedly existed for only five months when the contract was awarded.
According to the Oklahoma Attorney General’s Office, Drummond threatened legal action if the investment agreement moved forward.
He also demanded State Treasurer Todd Russ rescind the award by May 19.
Campaign Donation Added To Controversy
The controversy surrounding 311 Capital Management intensified further after reports surfaced involving campaign donations tied to the deal.
Records showed Citizen Capital owner Bond Payne contributed $2,500 to Treasurer Todd Russ during February 2025.
Critics argued the donation added additional ethical concerns surrounding the investment contract process.
According to the Invest in Oklahoma Board, 311 Capital Management formally withdrew from consideration in a letter submitted by managing director Steve McDonnold.
The withdrawal effectively halted the proposed investment advisory arrangement.
Todd Russ Defends Invest Oklahoma Program
State Treasurer Todd Russ has strongly defended both the Invest Oklahoma program and the handling of the 311 Capital Management contract process.
Russ accused Attorney General Gentner Drummond of turning the issue into a political attack during an election cycle.
The treasurer also stressed that no Oklahoma pension funds were transferred or financially lost during the controversy.
According to the Oklahoma State Treasurer’s Office, Russ argued concerns could have been handled privately instead of through public political conflict.
The broader fallout surrounding 311 Capital Management is expected to remain a major issue in Oklahoma political discussions moving forward.
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