What is involved in this tax credit fraud and a land scam?
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Index
  Section Topics
 Cover Letter
1Overview
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
2.2Scissortail
2.3.Oak Hills Capital
3Oklahoma Tax Commission negligence and cover up
3.1New evidence uncovered since the original letter.
3.2Copies of Oklahoma Tax Commission 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
4.2.2.1Mirrored bank account
4.2.2.2Loan Kickbacks
4.2.2.3Bank and wire transfer fraud
5Coming unwound
5.1Colorado partners seize Altus Groups financial records
6Other noteworthy points related to tax credits include

Updated report to appropriate authorities - evidence of tax credit and bank frauds. (cont)

1. Overview

1.1 What is involved

Oklahoma's secretly operated tax credit programs. The following addresses the Small Business and Rural Small Business Capital/Venture tax credit programs.

A variety of financial schemes used in filling false claims, to inflated amounts invested, and receive unearned tax credits. Most involve fraudulent use of federally backed bank loans; others use shell games to represent loans as investments.

The fraud is protected by the fact the programs are operated in secrecy, off the books, no budget limitations, no oversight, and no accountability. The tax commission is structured where only two officials, have access to the necessary information to determine what is occurring.

The fraud discussed in this letter involves two programs established by "Oklahoma's Capital Formation Incentive Act". The programs are the "Small Business Capital Formation Incentive" allowing tax credits amounting to 20% of qualified investments; and 2) "Rural Small Business Capital Formation Incentive," allowing 30% tax credits. The majority of fraud is occurring under the rural version.

This report is initially limit to tax credit cases under these programs and the land scam involving the same parties involved in one case, Altus Venture, of tax credit fraud; were the frauds are the most egregious and evidence is available.

A companion letter describes tax credit fraud occurring through a different, but confusingly similar program, "Venture Capital" tax credits.

1.2.1 How much is involved

The frauds described here include definitive evidence of more than $200 million. Other evidence suggests tax credit fraud exceeds $500 million and could, potentially reach or exceed $1 billion.

1.3 Who is involved

More than 100 entities and individuals involved in various roles.


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