Altus Venture Quartz Mountain Aerospace project
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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. 
  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  More related news articles. 
 View  Tax abuse site map. 

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

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