- The Altus Bank Group, or the Altus Gang, refers to FSB Bancorp Altus, OK, a bank holding company, First State Bank Altus, OK, the bank and related subsidiaries, affiliates, and individuals involved when the crimes occurred.
- In January 2009, the FDIC issued a Cease and Desist Order against First State Bank Of Altus OK. According to an FDIC Investigator, the FDIC restricted forensic auditors from examining key parts of the bank's records, including fraudulent bank loans.
- In February 2009, Federal Reserve Board issued an expanded Cease and Desist Order to include the bank holding company FSB Bancorp and Subsidiaries; and ordered a full-scope audit. When the audit supposedly occurred, the Federal Reserve Board did not participate in the audit.
An investigation was ostensibly issued in January 2009.
The Bank audit was completed in July 2009, and the FDIC seized First State Bank Of Altus, OK, for only having $91 million in assets and $99 million in debts. Yet the FDIC ignored and did not seize the $216 million. The bank was taken over by Herring Bank, Amarillo, Texas.
Numerous issues remain unresolved, and the status of the bank holding company FSB Bancorp and its Subsidiaries remain unclear. Debtor issues (what happened to the $216 million) forced Quartz Mountain Aerospace, Inc., to officially file for bankruptcy.
In January 2009, the FDIC issued a Cease and Desist Order against First State Bank Of Altus OK. According to an FDIC Investigator, the FDIC restricted forensic auditors from examining key parts of the bank's records, including fraudulent bank loans.
In February, the Federal Reserve Board issued an expanded Cease and Desist Order to include the bank holding company FSB Bancorp and Subsidiaries; and ordered a full-scope audit. When the audit supposedly occurred, the Federal Reserve Board did not participate in the audit.
Federal court filings show QMA was broke 14 months after Altus Venture claimed to have invested $221 million in QMA in October 2006, and Altus Venture was allowed to take $66 million $66 million in tax credits for claiming to have invested $221 million in QMA. Federal court filings revealed QMA was broke 14 months after supposedly receiving a $221 million investment.
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