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.
The Scissortail Fund tax credit scheme described.
Here is a simplified description of a complicated plan the Oklahoma Tax Commission signed off on and legitimized.
Scissortail claimed to raise $5-15 million from investors and borrow $85-90 million, and claimed 20 to 30% of the total amount in tax credits.
Note: Timing is the key that allows the investors' money to remain free of risks. The investors' funds are kept safely out of risk's way, while the loan is obtain and tax credits are in hand. The tax credits can then be used to replace the investors funds and repay the investors the $2 for $1 profit.
To raise the investment Capital Scissortail
In other words put the Portfolio companies assets at risk to avoid putting Scissortail and the investors at risk.
To simplify the explanation we will use raising $10 million from investors and a $90 million loan.
The plan states one-third of the investment fund will be invested in the Portfolio Company, then uses impressive sounding terms to explain how diligently they will hold the Portfolio Company for this one-third. Then a oblique and vague reference to the other two-thirds.
The CAPCO, in this case Scissortail, keeping two-thirds or 67% is in keeping with the Missouri and Louisiana CAPCOs keeping 66% and 70% respectively of the Capital raised, for their profits, leaving only the remaining for the intended use.
What makes this scheme so unbelievable? And why did the Oklahoma Tax Commission legitimize? Next
Download a copy of Scissortail tax credit scheme documents. Click to download.