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How OpenBooks forced OTC to resort to reporting false and deceptive information to cover-up!

How OpenBooks forced OTC to resort to reporting false and deceptive information to cover-up!

May 26, 2009

OpenBooks has provided the Oklahoma taxpayer with two of the most important tools the public needs to be informed of how tax funds are used. At least, if not more important, a tool to uncover when public officials are hiding information.

It would be irresponsible if we failed to recognize the predicament OpenBooks forced on those already hiding wrong. It would be foolhardy to assume any involved in wrong doing would now publically display evidence of wrong doing for all to see? It is important to note that this tax credit program was originally setup to keep the identities of everyone involved held in secrecy to prevent the public from learning who was benefiting from public funds. Over the two period enough identities were uncovered that provided the information to verify the false claims and reports.

Two years of extensive research and investigation into state income tax fraud has already played a major role in the current investigation into the financial dealings of First State Bank Altus and subsidiaries. That effort also exposed at least two false claims, one by the Altus gang, amounting to $290 million that has been reported to the Oklahoma Tax Commission. A closer examination revealed the Oklahoma Tax Commission not only allowed the claims to go unnoticed and were then forced by the Taxpayer Transparency Act (the law requiring OpenBooks) to resort to reporting false, misleading and deceptive information on the tax credit program to disguise its involvement.

OTC is using at least two methods of false reporting to hide the fraud, the identities of those involved, it's own identity and tax revenue losses as a result of these schemes.

1. The 2007 Taxpayer Transparency Act, requires OTC reveal

"The identity or legal name of any person or entity that is a shareholder or partner of a qualified venture capital company (those operating the scheme and receiving unearned tax credits)…... For each tax credit, information, including but not limited to: the name of each taxpayer to which a credit has been granted, the amount of such credit, and the specific provision under which a credit has been granted." Ref: Oklahoma Statute

OTC substituted a different list, a list of those using tax credits, that most people unfamiliar with the Rural Venture Capital tax credit program would not be expected to recognize either the differences or the significance of the differences between the lists. Anyone familiar with the law should have recognized both the descrepancy between the missing and subsititued list and other required information that is missing. It did require a means to uncover the names elsewhere to recognize the missing names. We have uncover a partial list. Those missing are the names of those involved who sold their tax credits to others and pocketed the unearned proceeds.

2. That leaves the identities of those involved that preferred to use their tax credits and save the amount they would have to discount the tax credits to interest buyers. After finding a conspicuous absence of the names we had uncovered additional research found the missing names listed as taking tax credits under other programs. Again an angle one could not detect unless they were familiar with names OTC has been keeping secret.

The discovery of false claims and reporting is a situation where the secrecy surrounding this program prevents anyone outside OTC and those involved having access to the information necessary to recognize the falseness. After two years of extensive research key previously undisclosed documents have been located revealing the evidence of both false claims and false reporting.

Huge discrepancies' have been found in 3 OTC reports covering Rural Venture Tax Credits another means inducing confusion to prevent discovery.

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