Will the FDIC and Federal Reserve Board be successful in forcing FSB Bancorp, Inc., Altus and its subsidiaries to produce legitimate financial records for their ordered audit? Failure to produce financial records* is a common characteristic found in all claims of financial wrong doing lodged against this Altus group of operators. Even a federal court failed. Here are two examples.
This group uses its affiliation with First State Bank Altus a federally regulated bank as it proof of credibility and qualification to handle all finances and financial management when soliciting business arrangements. Yet this group, in every known case, including a federal court order, has refused or failed to provide financial records.
Merely relying on auditors to uncover wrong leaves the door to fraud open to those who have learned how to cook the books and hide the books. Case in point is the Security and Exchange Commissions auditors failing on three occassions to catch the Madoff scheme. All while Charles Markopolos, for nearly 10 years, had not only been warning the SEC, but Markopolos explained how the fraud worked. Markopolos was not along, in May 2001 a then Barron's magazine reporter, Erin E. Arvedlund, also raised a warning flag.
* Financial records means, along with other things, accounting, tax returns, financial statements, balance sheet, checking account records, etc. This is not just a matter of sloppy or slow bookkeeping.
** MAPI or Mountain Adventures Properties Investments was a joint venture of four partners Mountain Adventures Properties that is currently involved it extensive litigations. Read more
***Failure to abide by a federal court order.