2005 - Paul Doughty, as president of First State Bank Altus, created $643 million in Counterfeit loan documents for six investment firms he managed.
2005 - Doughty also president of Altus Venture used a Counterfeit loan to inflate a $32 million investment in Quartz Mountain Aerospace to claim investing $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 abuse 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, the other receipent of Counterfeit loans invested $72 million, in 2006.
Altus Venture related LLCs?
November 2009, QMA files for Chapter 7 bankruptcy.
December 18, 2008, Altus group sued over Colorado resort area fraud.
December 18, 2008, Insurance troubles for furloughed workers in Altus
December 16, 2008, Altus firm leaves its employees out in cold
November 2008, QMA announced downsizing and ceased operations.
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
|Lawsuits naming FSB Bancorp Altus and/or affiliates as defendants in financial wrongs.|
Mountain Adventure Property Investments
Defendants include: FSB Bancorp and its affiliates
Oasis Development, LLC; Global Industrial, LLC; F. Don Anderson;
non affiliate Robinson & Sons, LLC an Oregon limited liability company, Randy
Note: FSB Bancorp and its affiliate, Altus Ventures along with its President Paul Doughty is involved
|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 legitation||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 supporting information.|
|View||Oklahoma flim-flam sham. How the tax credit scam works?|
|View||Dubious relation in Oklahoma's legislative branch with tax credit abuse promoter.|
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||More related news articles.|
|View||Tax abuse site map.|
FSB Bancorp is the holding company for a variety of investment related entities, including: