SEC letter - Evidence of suspected fraudulent tax claims involving BOK and Cimarron Business Capital (cont)
Evidence of suspected fraudulent activities BOK Financial Corp (BOKF)
BOK misrepresented interest bearing, secured loans as investments, to obtain $91 million in tax credits; while avoiding the risks inherent with investments, insuring the bank received interest on the funds, and leaving no fingerprints for auditors and examiners.
The tax credits were then sold to key officers and board members for $19 million. BOK treated the $19 million as revenue, disregarding the $72 million in unearned profit passed on to insiders.
See list of investments BOK represented as purchasing an ownership interest. Including the Roman Catholic Diocese of Tulsa, Oklahoma State Fair, Indian Tribal Governments, YMCA's, various non-profits and even private individuals. View