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Suspicious BOK Financial Corp (BOKF), tax credit and tax evasion activities.

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Index
Section		Topics
A		Cover letter
B		Unearned gains, BOK and insiders.
B.1		BOK Financial Corp - Unreported Income and Tax Years
B.2		BOK Financial Corp Insiders
B.3		Robert G Heard - Cimarron Business Capital Company
1		How the fraud works
1.1		BOK's list of investments
1.2		BOK claimed venture Capital investments for ineligible for businesses
1.3		Additional evidence
2		Source of evidence 2006 – 2009
2.1		Oklahoma Tax Commission auditor's questioning claim ignored
2.2		Fraudulent financial transactions
2.3		Failure to report income to avoid paying federal taxes
3		Source of evidence (partial) 2001–2005, 2010. Potentially $369 million more
3.1		Partial evidence for 2001 thru 2005
3.2		Most complete evidence January 2010
4		Tax credit programs operated in secrecy, to prevent discovery
4.1		First, a quasi-state agency
4.2		Second, OCIB was assigned sole authority
4.3		Third, Heard the president outsources OCIB to self
4.4		Heard authorizes himself $3.4 million and BOK $91 million in tax credits
5		Involved parties
5.1		Caution over confusion
6		References

July 2, 2010

Evidence suggests BOK Financial BOKF: engaged in illegal tax credit and evasion activities. (cont)

Unearned gains, BOK, and insiders.

BOK Financial Corp - Unreported Income and Tax Years
		Totals
2006		$17,784,405
2007		$35,151,614
2008		$19,449,048
	Total BOK losses	$72,385,067

BOK Financial Corp Insiders
	Amount insiders paid BOK	Amount tax credits insiders received	Total insiders paid	Total insiders received
George Kaiser	Chairman of Board
2006	$4,100,000	$19,523,810
2007	$9,234,100	$43,971,905
2008	$5,070,000	$24,142,857
	George Kaiser	Total	$18,404,100	$87,638,572

Stan Lybarger	President and CEO
2006	$117,500	$559,524
2007	$110,000	$523,810
2008	$100,000	$476,190
	Stan Lybarger	Total	$327,500	$1,559,524

2006	Burns Hargis	Board member	$50,000	$238,095
2006	Mark Funke	Executive officer	$20,000	$95,238
2006	Gregory Allen	Board member	$440,000	$2,095,238

	All insiders	Total	$19,241,600	$91,626,667

Robert G Heard - Cimarron Business Capital Company
	Paid	Received	Total paid	Total received
Robert G Heard	Manager & Investor
2006	$0	$1,727,179
2007	$0	$861,329
2008	$0	$987,985
	Robert G Heard	Total	$0	$3,576,493

Cover letter << Back Next >> How fraud works