PROVIDENCE — A California-based private equity firm has agreed to pay a $100,000 fine to federal regulators over allegations that it made an improper contribution to Rhode Island Gov. Gina Raimondo’s campaign.
The settlement with the Securities and Exchange Commission centers on a $1,000 donation from an Oaktree Capital Management executive to the former state general treasurer’s campaign for governor in September 2014.
The SEC said in its order issued Tuesday that the donation violated its ban on “pay-to-play” contributions to officials who oversee state investment funds.
Records show Raimondo’s campaign refunded the donation the next month.
Raimondo’s opponents for this year’s governor’s race heavily criticized the donation Wednesday. The governor’s spokeswoman said in response that her opponents are issuing “Trump-style fake news statements” before reading the full report.