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BOK Financial Corp (BOKF), sources of evidence, tax, and SEC filings. (cont)

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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)

3. Source of evidence (partial) 2001 - 2005, and 2010. Potentially $369 million more

3.1 Partial evidence for 2001 thru 2005

SEC filings^(C) reveal BOK reported $46.7 million in revenue from selling insiders tax credits. Assuming the same model as used in 2006 - 2009 applied, this would involve $221 million in tax credits.

3.2 Most complete evidence January 2010

BOK filed an amendment to its 2008 tax credit return^(C), stating $800 million had been omitted; increasing the amount BOK had remaining to invest and receive tax credits. BOK claimed to invest $100 million in 2009, leaving $740 million to invest and receive another $148 million in tax credits.

References

Source of evidence 2006 - 2009 << Back Next >> Tax credit programs operated in secrecy