Summary of suspicious BOK Financial Corp (BOKF) activities, exposed in confidential tax filings
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Index
SectionTopics
1 Cover letter
2 Overview
3 Fraudulent activities
4 How this occurred
5 Critical evidence tax commission emails
6 Evidence - examination and results
7 Ongoing tax credit investigation and achievements
8 Summary

SEC letter - How BOK and Cimarron Business Capital obtained unearned tax credits (cont)

Summary

BOK is misrepresenting financial transactions to obtain unearned tax credits. BOK then sells the tax credits to insiders at 20 cents on the dollar; only disclosing the proceeds from selling the tax credits. The net effect is passing 80% of the unearned tax credits to insiders, as undisclosed profits

All evidence suggests this is another of several schemes passing loans off as investments, to gain 20% in unearned tax credits. There is a slightly different twist, with BOK. That comes because BOK has its own private tax credit program, operated by a private individual who, under the protection of state authorities, is helping himself to tax credits.

8.1 The end results? It costs the company nothing and adds no risk. The obvious wrongs, of SEC interest: includes insiders misusing the company for personal gain; misrepresenting financial transactions; and failing to disclose the activities.

BOK is only one of several involved in tax credit abuses. Some are publicly traded companies, but serving in passive roles, and those playing the active role are non public. Currently, there isn't sufficient evidence to report SEC violations. That option will remain open.

Notes: View


Ongoing tax credit investigation and achievements << Back


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