FSB Bancorp Altus and its subsidiaries have been named defendants in a growing list of financial wrongs involving misuse of trusts and operating shell games to disguise misuse of funds.
The same Altus group of FSB Bancorp Altus and its subsidiaries:
- controlling the board of Quartz Mountain Aerospace (QMA) recently exposed for misuse of employee (employee-paid) payroll withholdings resulting in the loss of insurance and unemployment;
- discussed in news articles as the biggest abusers of Oklahoma's tax credit loopholes, given $66.3 million in public funds for investing at most $32 million, possibly as little as $16 million in QMA;
- who delivered a large bundled campaign donation to the chair of the committee working on the 2006 amendment to close the tax credit abuse loophole; then one key officer. Paul Doughty, was allowed to assist in crafting the language that "failed to close the loopholes;"
- which has been named is several other cases of financial wrong doing, including Sil-Flo, EZ-Way and Vectra Bank of Colorado;
- is now named as defendants in a Colorado resort area scam involving several thousand acres of prime resort area property and some $25 million in funds.