The process of researching evidence to demonstrate how First State Altus OK, falsified tax credit claim, resulted in exposing the banks involvement in a Colorado land scam, involving other methods of bank fraud. This led to an FDIC examination and final seizure of First State Altus OK, and the uncovering of $643 million in counterfeit loans; some of which were tied into tax credit fraud. Yet state officials continue ignoring the fraud.

Includes a sampling of Oklahoma tax credit fraud cases. Who is involved? How much is involved? What is involved? Examples of fraudulent tax credit claims involving the Oklahoma Tax Commission, Altus Venture, Affinity Ventures, Quartz Mountain Aerospace, Scissortail, Oak Hills Capital, Bank of Oklahoma.

Now, in early 2010, even more documented evidence has surfaced, showing Bank of Oklahoma and Cimarron Business Capital are involved. State officials are still ignoring.

Evidence clearly suggests a Bank of Oklahoma subsidiary, misrepresented $455 million in bank loans as venture capital investments in companies and individuals taking out ordinary the loans; in order to obtain $91 million, in unearned state income tax credit.

BOKF then sold the tax credits to the insiders who paid the bank $19 million for the tax credits. BOK Financial only reported the $19 million as revenue. Something, easily hidden with tax credit records held in secrecy; and The fact tax credits aren't normal banking revenue.

No specific details could be found reported on any federal reporting forms, regarding the claimed investments, tax credits; or tax credit information.

Simple math: 10 x 20% gets 200% every time. There just "ain't" no other way! If there were, then why wouldn't Wall Street be here investing?

One key aspect few appear to have noticed, the significance, is the 200% profit is returned immediately; making this the equivalent of a rigged slot machine; rigged to pay double on every pull of the handle.

University of Tulsa, Roman Catholic Diocese of Tulsa, several Tribal governments, Oklahoma State Fair, YMCAs, Foundations, various other non-profits and private individuals. Ownership in private individuals?

A Bank of Oklahoma subsidary, Cottonwood Valley Ventures received 20% tax credits for investing $839,000 in Komar Properties of Oklahoma.

Komar Properties of Oklahoma, received $1.7 million tax credits (200%) for investing $850,000 in REI New Markets Investment, which inturn invested $850,000 in Charles Komar & Sons, Inc.

Evidence found on FDIC and SEC websites, non-public OTC reports, and internal OTC emails, retrace tax credit fraud trail starting with bank fraud; a bogus investment scheme; OTC authorizing tax credits for false claims; OTC hidding the fraudulently obtained tax credits and identities; tax credits exchanged under the table for tax refunds. Tax refunds paid out of incoming tax revenue before any of this reaches the state financial system, leaving everything off the books.

This is the second in a three part series, walking through the trail of evidence step by step, to show how Oklahoma tax credit fraud works. Starting with the use of bank fraud to create bogus loan documents; how investment claims are used to obtain unearned tax credits; then how those tax credits are exchanged for tax refunds through gross production taxes, which are not available for the public to see who received refunds.

The first part in the series demostrated how to find the bank fraud buried in First State Bank Altus, OK, quarterly reports on the FDIC website. This second part, demonstrates how embezzled funds are funneled out without passing through the state's financial system, and leaving the traditional paper trail, we have relied on for so long. Now we have the evidence to show how that system was beaten, and the public victimized.

This is a case of bank fraud, used to pull off tax credit fraud. This bank was more riddled with fraud than a machine gun target, after a day on a firing range. Evidence of this bank fraud has "stood out like a red wagon in a field of snow," for 4 years. Loan committments 50 to 100 times normal, went unnoticed by the Oklahoma State Banking Department. The tax credit claim more than 13 times greater, went unnoticed by the Oklahoma Tax Commission.

More than 600 internal Oklahoma Tax Commission tax credit emails, have been obtained and are currently under review. This is the first of several that will reveal a very clear picture of what has been occurring with tax credits. Feel free to contact me for this information.

Oklahoma Tax Commission, authorized REI New Markets Investment to inflate a $6,150,000 loan, and claim it was a $45,400,000 investment, and receive $13,845,000 in tax credits. Then when the investment, Lindmark Outdoor Advertising, failed a mere 16 months later, OTC authorized this bogus scheme to keep the tax credits.

WPG Investments charged 8% of the total, or up to $6 million, in fees for Foxborough's tax credit investment scheme. The fraud involves much more than fees. The fraud is found primarily in how the schemes use loans to inflate amounts invested by investors to 10 times the actual amount invested. Fees further reduce the amounts invested; leaving the business investments, with a mere fraction of not only what was claimed to have been invested; but of the cost to the state.

The Oklahoma taxpayers are shelling out $100s millions to destroy, and not help economic growth. $100s millions to destroy, and not create jobs.

Early next week we should have Offering Documents for an OKLAHOMA Tax Credit Program (NO Federal Tax Credits) for 2009 prepared by McAfee Taft that are priced at 50 cents to 55 cents on the dollar. If you would have an interest for your clients I would like to forward the Offering to you.

**Securities offered through WFG Investments, Inc., Member FINRA/SIPC**

Evidence found on FDIC and SEC websites, non-public OTC reports, and internal OTC emails, retrace tax credit fraud trail starting with bank fraud; a bogus investment scheme; OTC authorizing tax credits for false claims; OTC hidding the fraudulently obtained tax credits and identities; tax credits exchanged under the table for tax refunds. Tax refunds paid out of incoming tax revenue before any of this reaches the state financial system, leaving everything off the books.

Weyerhaeuser's $54 million was only part of the more than $235 million, in 2007 tax credits, OTC failed to report.

2010: State officials are again, ignoring new evidence of the same tax credit fraud, officials' were allowed to cover up, in 2006. We now know what was occurring in 2006. Altus Ventures was using counterfeit loans, and not a loophole, as state officials claimed, to inflated the amounts invested to receive $2 in tax credits for each $1 invested. We now know that lawmakers' 2006 claim, an amendment closed a loophole that would prevent further abuses, did no such thing, rather more than double the amount of fraud.

Now facing evidence that will expose their own involvement state official first tried ignoring; and are now dismissing evidence, as not credible; the hallmark of the guilty.

"The holders of Fund common shares which will contribute $6,150,000 to the Fund will earn the entire 30% rural Venture capital formation credit of $13,845,000 ('Credits')."

"The holders of Fund common shares which will contribute $6,150,000 to the Fund will earn the entire 30% rural Venture capital formation credit of $13,845,000 ('Credits')."

Economic development tax credits were given for a financial shell game where a nursing home owner(s) buy their own nursing a home from themselves. A scheme that, amounted to no more than a financial paper game, creating no new economic growth or jobs, while allowing some hidden identities to reap unearned tax credits. Oklahoma law allows state officials, including those creating the law, authorizing the shell games and turning their backs to be among those hidden identities.

The FDIC seizure of First State Bank Altus revealed $643 million in fake loans were used to claim and receive $192 million in unearned tax credits.

To add insulted to injury the law requires the identities of those involved and the amount of public funds they received to be kept secret. Now it has been learned the Oklahoma Tax Commission as being under reporting the cost of this program by as much as 95% to prevent the public from learning of the cost.