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.
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June 7, 2010
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: include 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 nonpublic. Currently, there isn't sufficient evidence to report SEC violations. That option will remain open.
Ongoing tax credit investigation and achievements << Back