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 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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