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BOK claimed tax credits for buying interest in Tulsa U, Tribes, YMCAs, Roman Catholic Diocese, OK State Fair?

May 26, 2010


An examination of four federal reports failed to find where - BOK reported holding an ownership interest in any of these businesses as required.

Why were these tax credits then sold to BOK officers and director at 20% of face value, allowing personal gain from what, if legit, would have been shareholder property. BOK never disclosed to the benefits to shareholders. Although, the shareholder issue, is an SEC issue. Fraud in a criminal issue, for other federal agencies to address; this is significant for Oklahoma as evidence of misreporting.

in addition to other requirements there is no evidence these claims met, for investments to qualify for tax credits the investments must result in obtaining an ownership in the business, Use pop ups for details. An investment in one entitie to inturn be invested in another business is not allowed. We are to believe BOK obtained the necessary ownerhsip in these entities, this are for profit businesses that will repay taxes?

An examination of four federal reports failed to find where BOK reported holding an ownership interest in any of these businesses as required.

Why were these tax credits then sold to BOK officers and director at 20% of face value, allowing personal gain from what if legit would have been shareholder property. Shareholder property BOK never disclosed to shareholders. Although ,this is an issue for the SEC and other federal agencies to address; this is significant for Oklahoma as evidence of misreporting.

In 2006, an affiliate of BOK Financial sold Oklahoma State Income Tax Credits to (a) George Kaiser, Chairman of the Board, receiving $4,100,000, (b) Stan Lybarger, President and Chief Executive Officer, receiving $117,500, (c) Burns Hargis, a Company director and executive officer, receiving $50,000, (d) Mark Funke, an executive officer, receiving $20,000, and (e) Gregory Allen, a Company director, receiving $440,000.

In 2007, an affiliate of BOK Financial sold Oklahoma State Income Tax Credits to (a) George Kaiser, Chairman of the Board, receiving $9,234,100, and (b) Stan Lybarger, President and Chief Executive Officer, receiving $110,000. The credits are sold to affiliates as third parties.

In 2008, an affiliate of BOK Financial or its subsidiaries sold Oklahoma State Income Tax Credits to (a) George Kaiser, Chairman of the Board, and affiliates of Mr. Kaiser, receiving $5,070,000, and (b) Stan Lybarger, President and Chief Executive Officer, receiving $100,000. The credits are sold to affiliates on the same terms and conditions as third parties.


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