Like the 3,200 other pages of evidence uncovered and descriptions of crimes on this site, this web page is only one part of a massive multi-state entanglement of government corruption and cover-up. See size
Evidence was uncovered in parts over years, and not in the same order as the crimes occurred or the evidence was created. Statements were made based on what was known at the time.
Dates are approximate because government filings and reports vary in some cases up to months if not This is part of cover up. One example is Oklahoma's Openbooks, which started out late with only a fraction of what was required to be added each year. Plus, the data was littered with data entry and spelling errors, meaning you have to go through one entry at a time. This amount to more than 17,000 entries in 2017.
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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).