Colorado - Mountain Adventure Property Investments (MAPI) - Scam
MAPI - Mountain Adventures Properties Investments partnership, 4,000-acre resort area, Steamboat Springs, Colorado
Altus bank group. Paul Harold Doughty, owner and president of First State Bank Altus OK, bank holding company FSB Bancorp and subsidiaries, Doughty's partner Fred Don Anderson, and others.
Landowners kicked-in land and the Altus bank group was supposed to fund the development.
Altus banker Paul Doughty, although a partner through in ownership in Altus Venture (1), remained outside the MAPI partnership management and made the loans to MAPI. 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 accounts. Anderson failed to make loan and construction (infrastructure) payments.
When the victims caught on and challenged the Altus bank group, Doughty foreclosed on the loans.
(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.
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