The Altus Venture's Business Plan
Here is the essence of the scam Altus Venture uses, with minor variations, to defraud the State of Oklahoma, business owners, land owners, equipment owners, and investors:
Don Anderson typically acts as the point man for FSB Altus as manager of Altus Venture. He then switches the deal to another FSB Bancorp company once the deal is initiated to confuse the funding, reporting and the roles each of the Altus entities will play. Paul Doughty as President of FSB Altus comes into the deal at some point early on to add credibility to Anderson's statements. Then Bill Grissom is brought in as the CPA and financial officer to "professionally manage the accounting and disbursements."
1. Promise Funding using phases like: " we are a bank, we have a vault, we have a network of 250 banks to which we can subscribe our loans, and we have broker dealers to which we can sell our deals." "You (the prospect), will never have to search out financing again." Then they cut themselves in for a substantial ownership in the asset or company in return for the promise of funding.
2. Substitute a non-funded "bogus" loan agreement, investor capital, or the prospects own assets for their own "capital" in the deal.
3. Initiate the project without any of their own money, skim whatever they can in "management fees," "return of capital" "salaries" "bonuses" etc.
4. Replace existing management with their own "professionals." These "professionals" are promised huge fees, salaries, and/or profits and participations in the subject enterprise in exchange for their "loyalty" to the FSB Bancorp entities.
5. Default on their own funding agreement(s), leaving the prospect holding the bag with increased debt, no cash flow, and reduced assets.
6. Force the prospect into insolvency, foreclosure, bankruptcy, etc. and take over the assets of the company, investors, vendors, partners, etc. as secured lenders...or simply let the business or project go down in flames after taking their fees.
7. Start over with a new victim.