Other noteworthy issues related to tax credit fraud
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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)

6. Other noteworthy issues related to tax credit fraud include

1) Claims for 2006 and 2007, the only year's information is available, listed over 30 funds investing a total of $731 million in over 100 business ventures and receiving $209 million in tax credits.

2) Because of the secrecy imposed on the tax credit programs, this report has been limited to the three of the largest claims with the most obviously blatant claims and complete evidence obtained. Failure to last the required eligibility period is one key element of evidence, of failure to qualify. This is beyond the typical failures found in venture capital investments, and some failures occur within less than a year's; while others never existed. These three funds filed for 2006 investments. Partial evidence from more recent years suggests false claims include a variety of other schemes.

3) Only, the head of the Oklahoma Tax Commission and possibly only one person in the commission ever sees the complete set of documentation required to understand what is occurring. These tax commission officials deny access to everyone including other state agencies and officials. The name that keeps appearing as signing tax credit documents is Tony Mastin, the Tax Commission Administrator, the highest career level position.

5) Oklahoma law, does not restricted or prevent state officials (including legislators) from benefiting from these tax credit programs. Officials are only required to report business interest to the state Ethics Commission under the premise this allows the public to judge any effect of an official's business relationships. However, in this case, the public is denied information that would allow determining if an official was benefiting from tax credits.

4) An Oklahoma law passed in 2007 requiring the tax commission to disclose, on the website Open Books the identities and amounts of those receiving tax credits. To defeat this requirement the tax commission substitutes the identities and amounts of those using tax credits, thus allowing those wanting to keep their involvement secret to sell their tax credits to others, to avoid revealing their involvement.

In addition, the tax commission omits reporting certain other tax credits, those labeled as (Rural) Small Business Venture that are issued tax refund checks. Only reporting tax credits used that are labeled (Rural) Small Business Capital.

5) To illustrate how obvious the fact the program is used to obtain tax credits and not for economic development; is found In one email secretly floated among investors, WPG solicited investors by offering to sell tax credits at half price.


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