Democrat calls for review of Mike Mazzei’s $11 million campaign loan
Mike Mazzei says he invested $11 million in his campaign, but a Democrat is asking if that money was truly his own.
Democrat calls for review of Mike Mazzei’s $11 million campaign loan
Mike Mazzei says he invested $11 million in his campaign, but a Democrat is asking if that money was truly his own.
Mike Mazzei, the Republican candidate in the race for Oklahoma governor, has loaned his campaign $11 million. But a Democrat said he has questions about whether this was done the right way.
State Rep. Jared Deck, a Democrat from Norman, sounded the alarm on Mazzei's campaign funds for governor. He sent a letter to the Federal Deposit Insurance Corporation to review the loan.
"Make sure there are no conflicts, and make sure things have been reported properly," Deck said.
Public records show Mazzei has spent $11 million of his own money in the campaign as of Sept. 18.
"You've actually, at least by this point now, spent $11 million on this election. The governor position salary is about $200,000. What's your plan?" KOCO's Dacoda Wahpekeche asked.
"Well, I've learned that life is really always about investing in others and helping others be successful. My wife and I decided a long time ago we were going to invest in other people. That's how we grew our business. That's how we've helped hundreds and hundreds and hundreds of clients. To us, spending money on a campaign, so we can solve problems that help the lives of everyday Oklahomans, is about investing in people," Mazzei said.
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As of the most recent report in September, Mazzei's $11 million personal loan makes up 88% of his campaign fundraising.
"When you think about it in the way a financial nerd like me does, $11 million spent here, in terms of economic output and jobs that can be hundreds of billions of dollars over a 10-year period, is just a great investment in our kids and our grandkids," Mazzei said.
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Now, a Democrat from Norman is questioning if the loan was actually his own money.
Deck alleges Mazzei received a personal loan from a bank with zero interest and then funneled that money into his campaign.
"I specifically ask questions about whether or not a loan from a bank can be reported as a loan from (himself)," Deck said.
He claims Mazzei pledged all his shares from his company, Trinity Strategic Wealth, to back that loan.
"I have no problem with someone betting on themselves, risking their own money to take a chance and run for office. However, whenever you're underwriting that money personally, that's a risk for yourself. Whenever you don't have to risk that money yourself, and a bank is underwriting it for you, then that money should be reported as such," Mazzei said.
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Apart from the Federal Deposit Insurance Corporation, Deck sent a letter to the Oklahoma Ethics Commission and the Oklahoma State Banking Department, asking them to look into the loan. He said he worries Mazzei may pay the loan back after the election with donations made to his campaign committee.
A spokesperson for Mazzei said Deck is falsely pulling a fire alarm because his party is upset about losing another gubernatorial race.
"Democrats are so out of their minds over losing another governor’s race in Oklahoma that they are falsely pulling fire alarms. The truth is: there is no legislative investigation, no FDIC review, and no Ethics Commission probe. Mike Mazzei makes no apologies for his agenda to eliminate the state income tax, abolish property taxes for seniors and veterans, and invest his own resources in making Oklahoma a more affordable and prosperous state," Mazzei's spokesperson said.
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Cyndi Munson, the Democratic nominee in the race, said the loan highlights a disconnect between Mazzei and most Oklahomans.
"I think the clear contrast between my opponent and I is that I cannot put $11 million into my own campaign. Being able to put that kind of money into your campaign just shows a disconnect between him and everyday working Oklahomans," Munson said.