Altus Venture's $200 million 2006 False Tax Credit Investment Claim and others.
Note: Confidential Oklahoma Tax Commission (OTC) emails (OTC) uncovered in 2010 revealed these 2006 counterfeit tax credits were being exchanged for Gross Prduction Tax Refunds at the time this webpage was posted online.
All three of the below were subsidiaries of First State Bank Altus OK
- Investor: Altus Venture
- CAPCO: Oklahoma Industrial Venture Capital Company LLC (OIVCC)
- Target investment: Quartz Mountain Aerospace (QMA) Altus OK
Altus Venture tax credit form 526 2006 counterfeiting $60 million in tax credits. Altus venture and OIVCC are part of First State Bank Altus OK, bank holding company subsidiaries.
April 1, 2009
Oklahoma Tax Commission officials turned their backs, allowing unidentified groups to take $100s million in state income tax credits.
- Previously undisclosed Oklahoma Tax Commission documents (2006 Rural) revealed Oklahoma Industrial Venture Capital Company LLC (OIVCC) claimed $199,714,295 or nearly $200 million was invested in Quartz Mountain Aerospace in order to qualify and received $60 million in tax credits. A second fund, Affinity Ventures, operated by the same people, filed a second claim to have invested another $21 million in Quartz Mountain Aerospace, both for the year 2006;
- Financial records for the Altus group, which includes OIVCC, but not Affinity Ventures.
After reviewing the documents, I contacted the Oklahoma Tax Commission and informed the commission of this discovery, and requested an investigation be conducted.
In addition, I reported another fund, Scissortail, claimed to invest $90 million in businesses that did not exist. Most obvious being
- $31,510,000 in Oklahoma Global Motors, the Chinese MG assembly plant that was claimed would be built in Ardmore. Never happened!
- $21,038,346 in Ardmore Biodiesel. There is no evidence Ardmore Biodiesel was ever active.
- $11,390,000 in Commuter Air. Jobs were located in Arizona.
- $3,862,030 in Double B Energy Services. There is no evidence Double B Energy Services was ever active.
- $21,793,624 in Westheimer Aviation, a PO Box in Shawnee, in a scheme to purchase a private corporate jet.