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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 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 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

Updated report to appropriate authorities - evidence of tax credit and bank frauds. Dated 07/10/2010 (cont)

2.1 Altus Venture, Affinity Ventures, Oklahoma Industrial Venture Capital, Quartz Mountain Aerospace, and more are part of the Altus Group, and at the center a suspected fraudulent 2006 tax credit filing.

Evidence: August 2009, after new owners, Herring Bank took over the former First State Bank Altus, bank records were discovered revealing, Paul Doughty, while president of First State Bank Altus, had issued $643 million in loan commitments to six funds (shell LLCs with no assets) Doughty managed. $643 million was more than twelve times the bank's acceptable outstanding loan amounts. Each fund only received $1.

Evidence: 2006 Tax commission report reveals Paul Doughty, president of First State Bank Altus OK filed claims that funds (Altus Venture and Affinity Ventures); collectively Altus Venture he managed, invested $221 million in Quartz Mountain Aerospace, and received $66 million in tax credits. QMA, deeply in debt, closed down in November 2008.

Evidence: Altus Venture financials records Doughty never invested $1 of the claimed $200 million or even the $32 million in QMA and used $189 million in counterfeit loans to inflated the claim to $221 million in order to pay investors the $2 in tax credits for each $1 he promised.

Evidence: Later verified when John Daniel (1), the president of Quartz Mountain Aerospace (QMA), 2001 through 2007, issued a public statement confirming Quartz Mountain Aerospace only received $32 million in investments and received none of the $200 million claimed.

(1) What little tax credit funding Daniel referred to QMA receiving was from tax credit investment claims filed in past years.

This evidence has been presented to both state officials and federal officials on numerous occasions, only to be ignored. A formal complaint was provided to the Oklahoma Tax Commission in March 2009.

Internal OTC emails obtained later revealed not only did OTC ignore the complaint but had undertaken a hurried and all-out effort to issue tax refund checks for previously used counterfeit tax credits. Tax refund checks included more than $30 million to Chaparral Energy and one of its subsidiaries, Calumet Oil Co. Chaparral Energy SEC filings reveal Chaparral Energy disclosed investing $15 million in Altus Venture and received $30 million in tax credits. $30 million in gain was realized from tax credits (swapped for gross production tax refunds) bought during the first seven months of 2009. At the same time, the Altus Venture was cashing in the same tax credit ( for gross production tax refunds).

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