June 12, 2009

$66 million for 2005! Another $60 million for 2006! Twice what was previously thought, and we have yet to see 2004, 2007 and 2008's tax credit information?

These financial records reveal the money shuffling schemes used to create ghost money that was in turn used to claim inflated investments of approximately $221 million in 2005. These records further reveal a second $200 million claim was filed in 2006 where not one dime was invested. This allowed the Altus Gang to take unearned state income tax credits amounting to 30% of each claim without the Oklahoma Tax Commission apparently noticing any irregularities.

These records reveal the real money invested was $25 million in 2005 and ZERO in 2006. The total qualifying investment was $32 million at most.

These financials covering the period from January 21, 2005, through July 31 2007, were found in emails thought to have been deleted from the server the Altus Gang had been using in the Colorado land scam. The Altus Gang had made a rapid departure from Colorado, when advised by the landowner partner's in Colorado there would be an audit of the Colorado partnership books.

This is a situation that sounds beyond reason until one understands the myriad of financials dealing this group was involved during these periods. The same financial dealings that have had FDIC and Federal Reserve System regulators and auditors tied up at the Altus bank for nearly 5 months. The longest bank audit in memory for most bankers, and it still isn't over!

Speculation is the Altus Gang was thought to be in such dire straits from past financial failures they resorted to multiple concurrent financial schemes to bail themselves out.

We also know of Paul Doughty's, then president of First State Bank Altus and most affiliated subsidiaries, participation in advising Kelvin Calvey, then Chairman of the House Tax and Revenue committee, in writing the 2006 amendment that was "suppose to close" the tax credit loopholes used for fraud. Participation during the same time frame members of the Altus Gang maxed out their campaign donation limits for Kelvin Calvey's run for US Congress. During the same time frame that Calvey received most of his total donations from out of state members of the Club for Growth PAC that our later investigation found what we believe were coding irregularities that made those donations appear as individual donations and not PAC donations on the FEC Website.