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$221 million in false claims slipped by Oklahoma officials' turned backs?

April 12, 2009, updated

Update: Since this article was originally written a lot has occurred. First State Bank Altus OK wastaken over by bank regulators, as result of the Colorado FBI launching an investigation January 2009. First State Bank it's holding company FSB Bancorp Altus, and venture investment funding LLC's should have but did undergo an intensive investigation.

Documents recently obtained from the Oklahoma Tax Commission reveals Altus Venture a subsidiary of FSB Bancorp Altus, claimed investing $200 million in one business Quartz Mountain Aerospace (QMA) Altus OK, also a subsidiary of FSB Bancorp Altus, in order to qualify and received $60 million in tax credits.


  • Evidence - the Altus bank groups financial records part of the Colorado bank fraud case reveals Altus Venture did not invest one dollar in Quartz Mountain Aerospace during 2006. What money was invested in QMA was invested in prior years and tax credits taken in those years.
  • Affinity Ventures claimed investing $221 million in QMA in 2006
  • Paul Doughty president of First State Bank Altus OK, and chairmain of FSB Bancorp Altus, created bogus bank loans for both Altus Venture and Affinity Ventures who the bogus where the money invested.

Quartz Mountain recently was broke by January 2008

Note: The

After reviewing the documents the Oklahoma Tax Commission was contacted and informed of the above and requested an investigation be conducted.

The tax commission was also made aware of other significant and related circumstances involving the group in question.

The entire group of entities where supposedly under investigation for a growing list of wide ranging crimes. There were at least 5 federal and one state agency, in addition to the Oklahoma Tax Commission actively involved in these investigations. Agencies that we know of include, the FBI, FDIC, Federal Reserve Board, FTC, US Dept of Labor and the State Banking Department.

As part of this the FDIC and Federal Reserve Board recently issued Cease and Desist orders for all business entities in the above mentioned group and the individuals involved, in an attempt to prevent further acts. In addition FDIC and Federal Reserve Board ordered a full scope audit for the entire group.

In addition to the government investigations mentioned above, the key members of the same group are facing various financial lawsuits including a $25 million land scam in a Denver federal court, and two other cases filed by two different banks in Oklahoma courts. There are several other limitation issues, both criminal and civil being discussed.

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