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.
| How Venture Capital fraud works | ||||
| Using Bank of Oklahoma as an example | ||||
| Step | According to law | What is occuring | ||
| 1 | Investor(A) invest in fund(B) | Investor(A) invest in fund(B) | ||
| 2 | Fund invest in investments meeting qualifying criteria | Few, if any, investments are made. | ||
| 3 | Fund submits a list of qualified investments, and how much money was invested in each business. | Fund submited a list of business loans made during the year, claiming these loans as investments. | ||
| Notes: | ||||
| Investments are high risk, provide an ownership interest, are not secured by assets, and do not pay interest. Tax credits are incentives for taking these risks |
Loans are low risk, secured by assests, pay interest and provide no ownership interest.
False claims, resulting in unearned tax credits |
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| 4 | State oversight agency is required to examine claimed investments to ensure the investment meet eligibility requirements, before authorizing. | A private individual signs off stating both BOK loans, and his own investments qualify for tax credits. | ||
| 5 | Although state lawmakers failed to include this requirement, investment claims should be recorded, tracked and later evaluated to determine if program is working, needs improvement, etc. | There is no tracking or accountability. All records are withheld from the public to ensure no one learns what is occuring. | ||
Notes:
Notes:
(1) As used, here BOK collectively refers to BOK Financial Corp, subsidiaries and affiliates; most notably, a banking subsidiary BOK Oklahoma; and BOK Oklahoma subsidiaries' Cottonwood Valley Ventures and CVV Partnership.
(2) As used, here Cimarron refers to Cimarron Business Capital Company.