Altus Oklahoma Bank group's Colorado (MAPI) Land Development Partnership Scam
MAPI - Mountain Adventures Properties Investments partnership, 4,000-acre resort area, Steamboat Springs, Colorado
Altus bank group. Paul Harold Doughty owner president First State Bank Altus OK, bank holding company FSB Bancorp and subsidiaries, Doughty's partner Fred Don Anderson, and others.
Land owners kicked in land and the Altus bank group was supposed to fund the development.
Altus banker Paul Doughty, although a partner thru Altus Venture(1) remained outside the MAPI partnership management, and made the loans to MAPI. Done incrementally or a part of the 4,000-acre s at time. Doughty's partner Fred Don Anderson served as the MAPI partnership manager, and signed the loans (non-recourse loans(2)) mortgaging the landowner partners land.
Anderson and Doughty then embezzled the loan proceeds using a variety of ways, including using bank mirroring account. Anderson failed to make loan and construction (infra-structure) payments.
When the victims caught on and challenged Altus bank group. Doughty, Anderson and other coconspirators could foreclosed on the loans, but not
(1) Altus Venture ownership 51% FSB Bancorp, 49% Fred Don Anderson
(2) Non-recourse loans. Missing one payment allows foreclosing. Doughty did not foreclose on the first loans