Like the 1,000s of other pages of evidence uncovered and descriptions of crimes on this site, this web page is only one part of a massive multi-state entanglement of government corruption and cover-up. See size
More Evidence Of Frauds
For more connections. View
For more timelines. View
- OTC emails revealed many of the CFIA tax credit investments prematurely failed for lack of money. As short as six months, 14 months, and 17 months when the requirement to qualify is much longer. By law, these should have been recaptured. Instead, they were given a free pass. The free pass is done by OTC issuing a "Confidential Tax Letter Ruling" (CTLR) for what was called a "Liquidity Event." View
- Investments claimed, in PO boxes, Shell LLCs, seven separate investments with the same address - one mini-storage unit just across the Oklahoma County line in Canadian County to justify 30% Rural Small Business credits.
Note: Investments in Oklahoma and Tulsa County are only allowed 20% Small Business credits.
Simple arithmetic and common sense.
Re: Federal bank reports for First State Bank Altus, OK, FSB Bancorp (bank holding company), and subsidiaries.
- How could a bank with $120 million in assets and already at loan capacity issue $643 million in loans to shell LLCs with no assets? Shell LLCs claimed the loans were invested to justify taking 20% and 30% tax credits.
- How could a small business (100) employees (salaries $30K range) and owned four airplanes worth less than $1 million total, burn thru $221 million (Oct 2006) in 14 months (Jan 2008)? Then pulled five more scams to keep open until Nov 2008 elections.
- What SEC accredited/sophisticated investors would quietly standby losing two years of interest on $220 million? Re: 2006 tax credits swapped for gross production tax refunds but not until Jun 2009 to cash in.
Note: Tax Expenditure Report. A report that includes the Oklahoma Tax Commission's estimate of the amount of state revenue that would have been collected but for the existence of each exclusion, deduction, credit, exemption, deferral, or other preferential tax treatment allowed by law for the previous fiscal year