Altus Venture Quartz Mountain Aerospace project

Early High Points
2005 Paul Doughty, as president of First State Bank Altus, created $643 million in Counterfeit loan documents for six investment firms he managed.   View
2005 Doughty, also VP of Altus Venture used a Counterfeit loan to inflate a $32 million investment in Quartz Mountain Aerospace to to claim invest $221 million in 2005 and received $66.3 million in tax credits.

This case was well documented in news articles by AP and others carried in state papers during the 2006 legislative session while state lawmakers were writing new legislation they claimed would close the loophole Altus Venture had used to obtain the $66.3 million in tax credits.

When the legislation reached the house, Kevin Calvey, Chairman of the house revenue and taxation committee, received a large bundled donation from Paul Doughty; while accommodating Doughty's concern's to not hurt what Doughty considered good programs. Calvey then held the legislation until the session closing day stack of last-minute bills, when it is impossible to examine. Tax fraud more than doubled after the charade to reduce.

2007 After the charade and for the second year in a row, Doughty again filed another claim that his company invested another $200 million in Quartz Mountain Aerospace in 2006.    
2007 Doughty also filed claims Affinity Ventures, another recipient of Counterfeit loans that claimed to invest $72 million, in 2006.   View
November 2008 QMA announced downsizing and ceased operations.   View
December 18, 2008 Altus group sued over Colorado resort area fraud.   View
December 16, 2008 Altus firm leaves its employees out in cold   View
December 18, 2008 Insurance troubles for furloughed workers in Altus   View
November 2009 QMA files for Chapter 7 bankruptcy.   View

Why was Altus Venture ever allowed to participate in the program?

Altus Venture is being operated by a group with a history of financial lawsuits and used a large donation to muscle their way into helping write this very law they were/are abusing to operate a program where public officials can enjoy huge profits with no risk without violating the law. Fleece the OK public. See Suspicious Contributions

Tax fraud site map. View

Altus Venture related LLCs?

FSB Bancorp is the holding company for a variety of investment related entities, including:

  • First State Bank of Altus
  • Altus Venture, LLC
  • Altus Capital, LLC
  • Oasis Development, LLC
  • Global Industrial, LLC
  • Oklahoma Industrial Venture Management Co., LLC
  • Oklahoma Industrial Venture Capital Company, LLC

Mountain Adventure Property Investments (MAPI).

MAPI Lawsuits named FSB Bancorp Altus and/or affiliates as defendants in financial wrongs. View

  • Defendants include: FSB Bancorp and its
  • affiliates, Oasis Development, LLC; Global Industrial, LLC; F. Don Anderson;
  • and
  • non-affiliate Robinson & Sons, LLC an Oregon limited liability company, Randy Robinson

Note: FSB Bancorp and its affiliate Altus Venture, along with its President Paul Doughty is involved

Other lawsuits included but not limited to
  Oklahoma Industrial Finance Authority Vs. Quartz Mountain Aerospace   View
  Former employee Quartz Mountain Aerospace CEO Mark Aceiro   View
  Attorney suing Quartz Mountain Aerospace   View
  First National Bank Altus suing First State Bank Of Altus and Quartz Mountain Aerospace   View
  Oasis Involvement in Hayden Lake litigation   View
  Vectra Bank lawsuit 1 (09/04/2008), defendant Oasis Development LLC   View
  Vectra Bank lawsuit 2 (11/10/2008), defendant Oasis Development LLC   View
  Lawsuit Recently filed in Denver CO.   View
  EZ-Way - Lawsuit Defendants: Altus Ventures, LLC, Bill Grissom, Paul Doughty   View
  SIL-FLO - Lawsuit Defendants: Paul Doughty, Harold Doughty, Almer E. Ellison, and Rod Fancher.   View
Additional explanation and spporting information.
  Oklahoma flim-flam sham. How the tax credit scam works?   View
  Dubious relation in Oklahoma's legislative branch with tax credit abuse promoter.   View
  Calvey gets big donations from venture Capitalists. State Rep. Kevin Calvey, R, was Chairman of the House Revenue and Taxation Committee handling the tax credit legislation that these donors received $66.3 million through.   View

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