April 1, 2009
Oklahoma Tax Commission officials' have turned their backs allowing unidentified groups to take $100s million in state income tax credits.
- Previously undisclosed Oklahoma Tax Commission documents (2006 Rural) revealed Oklahoma Industrial Venture Capital Company LLC (OIVCC) claimed $199,714,295 or nearly $200 million was invested in Quartz Mountain Aerospace in order to qualify and received $60 million in tax credits. A second fund Affinity Ventures operated by the same people filed a second claim to have invested another $21 million in Quartz Mountain Aerospace, both for the year 2006;
- Financial records for the Altus group which includes OIVCC. but not Affinity Ventures.
After reviewing the documents I contacted the Oklahoma Tax Commission and informed the commission of this discovery and requested an investigation be conducted.
In addition, I reported another fund Scissortail claimed investing $90 million in businesses, that did not exist. Most obvious being
- $31,510,000 in Oklahoma Global Motors, the Chinese MG assembly plant that was claimed would be built in Ardmore. Never happened!
- $21,038,346 in Ardmore Biodiesel. There is no evidence Ardmore Biodiesel was ever active.
- $11,390,000 in Commuter Air. Jobs were located in Arizona.
- $3,862,030 in Double B Energy Services. There is no evidence Double B Energy Services was ever active.
- $21,793,624 in Westheimer Aviation. Merely PO Box in Shawnee, and a scheme to purchase a private corporate