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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   BOKs 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 auditors questioning claim ignored 2.2   Fraudulent financial transactions 2.3   Failure to report income to avoid paying federal taxes 3   Source of evidence (partial) 20012005, 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

Evidence suggests BOK Financial, BOKF: engaged in illegal tax credit and avoidance 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 investing $100 million in 2009 leaving $740 million to invest and receive another $148 million in tax credits.

References

(C) BOK or Cottonwood Valley Venture state tax credit investment claims

Notes: View

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

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