DaytonDailyNews.com

COLUMBUS — When state Treasurer Richard Cordray had to quickly put $5.05 billion into the bond market last fall, he turned to Montford S. Will of Wachovia Securities to lead the deal.

The state had just sold off its future tobacco settlement payments and had promised to use the money to build schools and fund a property tax cut for seniors and disabled homeowners.

Will was happy to run the deal. His firm got credited with $1.6 billion in bond trading within a month while five other brokers split the remaining $3.4 billion in state business.

It's unclear how much Will and Wachovia made off the tobacco bond business, but one $500 million chunk of Fannie Mae debentures, purchased in one day, was expected to pay a $1 million commission.

Will and his family members have been generous contributors to Cordray, the Ohio Democratic Party and key Republican candidates over the years.

Will and his wife — as state contractors — are now limited to $2,000 in giving to statewide or legislative candidates within 24 months. But Will's stepdaughter, a 25-year-old sports agent, donated $10,000 to Cordray's campaign just months after he took office in January 2007.

Cordray, who is running for Ohio attorney general in the Nov. 4 election, said campaign contributions have nothing to do with contracts, but agreed to refund the stepdaughter's $10,000 contribution after the Dayton Daily News raised questions.

Contact this reporter at (614) 224-1624 or

lbischoff@DaytonDailyNews.com.