Consultant: Hired an ex-Vectra bank manger who had authorized a $3????? million loan before leaving Vectra. Upon being hired as a consultant the former banker received a $??? signing bonus, ??? salary and 10% of the partnership.
Methods used to skim funds and exhaust capital included paying themselves and allies huge salaries, consulting fees and bonuses. The Colorado land sales deception involved a kickback scheme to repay down-payments to buyers who were insiders of FSB Altus, apparently without disclosure to the bank or the property owner. The legal terminology for this is "bank fraud." Portions of the proceeds of the land sales were then dispersed by Altus Ventures/Oasis Development to its subsidiaries...i.e. Global Industrial Management, LLC and FSB Development, and to pay "bonuses," "consulting" and "management" fees and to pay for travel expenses and luxury items without knowledge or authorization of the land owner or Colorado partners. During the year while this scheme was underway, Altus Ventures/Oasis Development ignored property owner's requests for comprehensive financial reports or otherwise delayed providing proper accounting. Altus Ventures/Oasis have, in fact, refused to supply such accounting as of this date, even after having been court-ordered to do so in May of 2008. These people apparently believe they are above the Federal Court system.
Those paid kickbacks
Paul Doughty bought lot 38 Grassy Creek purchases a cashiers check for $68,263.37 from First State Bank Altus 3-2-07; Paul Doughty receives a check for Lot 38 $68,263.37 3-28-07
- Global Industrial Management bought lot 23 Grassy Creek and Global Industrial Management received a $145,335.58 check dated 10-19-06 marked loans lots 23
- Joe Leverett bought lot 35 and received a $70,000 check marked loans lot 7
- Crow Family bought lot 11, 37 and 39 Grassy Creek and Crow Family received a $100,000 check marked loans lots ???
- C Joseph Ramos bought lot 1 and 40 Grassy Creek and C Joseph Ramos received a $100,000 check marked loans lots Unmarked
- Edisn Ventures LLC bought lot 14 and Matt Griffith received a $70,492 check marked loans lot 14
- William C. Ray bought lot 7 and received a $70,000 check marked loans lot 7
- Michael C. Carter bought lot 5, 6 Grassy Creek
- Michael C. Carter bought lot 15 Grassy Creek and received a $100,000 check marked loans lots 4, 5 & 10