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Section Topics
 Cover Letter
1.1What is involved
1.2How much is involved
1.3Who is involved
2Two tax credit claims filed for 2006 are explained below.
2.1.Altus Venture, Affinity Ventures, Quartz Mountain Aerospace, OK Industrial Venture
2.3.Oak Hills Capital
3Oklahoma Tax Commission negligence and cover-up
3.1New evidence uncovered since the original letter.
3.2Copies of Confidential Oklahoma Tax Commission (OTC) emails obtained
4Colorado land scam and tax credit fraud connection
4.1The scam
4.2What Happened?
4.2.1Place liens on the property
4.2.2Deplete the funds to pay off loans bank account Kickbacks and wire transfer fraud
5Coming unwound
5.1Colorado partners seize Altus Groups financial records
6Other noteworthy points related to tax credits include

Date: July 10, 2010
To: Federal and Oklahoma State Officials
Subject: Tax credit fraud, and related bank fraud, involving the Oklahoma Tax Commission

Update: Other parts of this site provide events and evidence uncovered and examined since this was reported in July 2010.

  • This remains accurate in terms of what was uncovered and examined at the time.
  • There was more than enough evidence reported in July 2010 to justify investigations in both Oklahoma and Colorado.
  • The crimes to cover-up are continuing.

For a more updated timeline of events View

Updated report and evidence of tax credit and bank frauds.

Tax credit fraud was originally reported in 2007, after a year of digging for evidence. Even more convincing, evidence was uncovered and reported in early 2009 that included First State Bank Altus' role in a Colorado land scam. Additional tax credit information was filed on June 30, 2009. Oklahoma state officials again continued ignoring evidence. July 30, 2009, FDIC seizure of First State Bank Altus, uncovered more documented evidence proving both tax credit fraud and bank fraud, involving First State Bank Altus OK and the Oklahoma Tax Commission; only to see state officials continue ignoring. 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.

The fraud involves Oklahoma tax credit programs, operated of undercover and off the books. Three years uncovering and examining evidence suggest federal filings were falsified to hide fraudulent gains.

This evidence, the result of three years devoted to uncovering and examining evidence; clearly demonstrates numerous frauds occurred, and investigations are warranted for: $100s million in state tax credit fraud; $25 million for one of three land scams; and in excess of $600 million in bank fraud, to facilitate tax credit fraud and land scams.

Note: evidence uncovered in Colorado reveals the $32 million came from tax credits for years prior to 2006 and had been taken in those prior years.
Key related events that recently transpired.
  • July 31, 2009, FDIC seized First State Bank Altus. Investigation results are pending on numerous activities.
  • View
  • First State Bank Altus and Bank affiliates, including Altus Venture, dissolved.
  • View
  • New ownership resulted in the discovery of $643 million in fraudulent loans, the president of First State Bank Altus issued;
  • View
  • 2006 $189 million in fraudulent loans was added to $32 million invested in Quartz Mountain Aerospace (QMA), to inflate the claimed amount invested to a $221 million investment, and receive $66 million in tax credits.
  • View
  • Copies of internal Oklahoma Tax Commission emails recently obtained reveal the tax commission's total disregard for obvious fraud, even after QMA failed Nov 2008. OTC was notified QMA never received the claimed 2006 investment.
  • View
  • Later the former president of QMA issued a public statement verifying having received $32 million and not $221 million.
  • View
  • Scissortail
  • View
  • Oak Hills
  • View
  • Colorado land scam, involving bank fraud.
  • View


    Nick Baker

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