Altus Venture $126 million View
Scissortail $90 million View
Foxborough $300 million View
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Venture capital (also known as VC or Venture) is a type of private equity capital typically provided to early-stage, high-potential, growth companies where the rewards are years out and carry a high risk. Venture capital is a special kind of funding to create a foundation for building the businesses that will replace today's diminishing industry and jobs. Oklahoma's venture tax credit program was intended to incentivize that venture capital funding needed by rewarding investors tax credits worth 20 to 30% of their at risk investment. |
Bribery and kickbacks among Tax Commission employees
Oklahoma had to pay 12 other states more than $30.5 million for lost truck registration fees that arose from an Oklahoma Tax Commission Truck Tag scandal. A scandal that involved 6 Tax Commission employees, a tag agent and 10 service agents doing business with the commission.
The scandal operate for years, with private trucking agents giving kickbacks to corrupt Oklahoma Tax Commission employees for allowing truck registration agents to use false projections to make it appear as if more miles would be traveled in low-cost states and less miles in high-cost states to lessen tax bills.
This scandal affecting interstate business brought the FBI in to investigate, which led to a Grand Jury. The Grand Jury returned 115 separate counts against 17 individuals.
According to the final report, the Grand Jury found, serious deficiencies in Oklahoma Tax Commission and at times blatant disregard for state statutes, regulations, and policies and procedures.
In the following areas:
- the lack of regulation regarding the supervision of employees;
- the lack of regulation regarding disbursement of state funds to employees for travel;
- the accepted and often times ignored instances of criminal wrongdoing by its employees;
- the culture which developed and was allowed to thrive due to the lack of training and supervision that created an environment ripe for corruption by its employees and service agents doing business with the OTC.
Of those indicted in the Tax Commission investigation, the alleged crimes included;
- bribery
- racketeering
- preventing a witness from giving testimony
- conspiracy against the state
- perjury
- making a false or fraudulent application to the OTC
- obtaining money by false pretenses
- making a false or fraudulent claim to the state
Note: time wise the tax credit abuse scam had already been put in place for the first sham (Great Plains begins operations in 2001), when the Grand Jury conducted its Truck Tag investigation, and issued its report, in May 2003. The tax credit sham didn't surface until, after Great Plains filed for Chap 11 bankruptcy in 2004. The tax credit sham slipped right through the hole. The Sham started while the commission culture was still riding a sense of being untouchable. Since the tax credit sham is operated by officials at higher level, they apparently still feel untouchable.
Regardless, the depth and breadth of the culture of fraud and conspiracy described by the Grand Jury is an agency wide systemic problem. The commission's reaction to the indictments and convictions was minimal at best, only dismissing the indicted and a couple of fall guys. That never changes a culture.
Oklahoma Tax Commission Grand Jury Report
Oklahoma Tax Commission Tag Scandal Cost