OTC allows BOK subsidiary $800 million tax credit claim for a previously closed program!
Tax credits involved are "Venture Capital Investment Tax Credits" (VC) state statute 68 § 2357.7 where the authority to authorize was given to a private company operated by Robert Heard, who also operates Oklahoma Capital Investment Board (OCIB).
For more about Venture Capital, tax credits, View more
A fraudulent claim for multiple reasons! ("See notes below")
This program, created in 1986, was limited to two entities; Cottonwood Valley Ventures and Cimarron Business Capital Company.
Based on available records, 2006 thru 2008, Cottonwood Valley Ventures (CVV) received investments slightly over $1 billion, all coming from CVV Partnership (CVPP). Both CVV and CVPP are BOK subsidiaries. All tax credits went to BOK and subsidiaries.
Why the claimed investments do not appear to qualify for tax credits, rather the list of investments looks like the average commercial loan portfolio of any bank. For example, venture capital investments were claimed for non profits, University of Tulsa, YMCA: as well as several from other specifically excluded industries, like real estate, other investment funds, etc.
This has all the earmarks of an exclusive scheme for one bank to pick up a state-ubsidized 20% bonus for issuing the same commercial loans issued by any other Oklahoma bank.
OTC Auditors Email re BOK Cottonwood Valley Ventures $800 million?
OTC auditor tried to question BOK's (CVV) $800 million claims for the closed program, ayear late & involved bank loan fraud.
There is more fraud involved than what the OTC auditor questioned. The auditor was limited to what he could challenge.
Re: Bank of Oklahoma, Cimarron Business Capital, and Oklahoma Capital Investment Board (OCIB). View
Lists of claimed investments
2008 OTC Form 518 (amended) listing totals: $840 million received
$102,107,700 invested; received $20.4 million (fraud) tax credits.
2009 OTC Form 518 listing totals: $0 received
$99,103,000 falsely claimed to have been invested; received $20 million (fraud) tax credits
See the effect of the BOK & Foxborough claims filed after the 2009 cover-up View