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1,500 blown off Oklahoma Tax Commission (OTC) Emails that tripped up cover-up.

Background

OTC emails obtained April 2010 dated (Nov 2008 - Apr 2010) exposed: the following and tripped up the tax revenue theft cover-up. Note the 1,500 emails involved only five (1) of Oklahoma's sixty-three different hidden tax credit types, three tax refund types, and one four year period 2006-2009.

Part of what was exposed included:

SubjectLink
Re: Timelines provide circumstances.View
A massive case of economic development fraud, and other forms of financial and banker's crimes and crimes to cover-up. All this entangled with other groups and a variety of crimes in other states.
$220 million tax revenue theft where OTC swapped counterfeit 2006 tax credits for gross production tax refunds. Note the two year delay.View
The 1,500 emails dated (Nov 2008 - Apr 2010) involved only five (1) of Oklahoma's sixty-three different hidden tax credits, three tax refund types, and one four year period 2006-2009.
Multiple uses of the same tax credits.
More evidence of 2006 cover-up.
Key emails and "Confidential Tax Letter Rulings'View
1,500 Raw Oklahoma Tax Commission EmailsView
IRC CAPCOs Reports 2006 to 09.
Five tax credit types $185 million tax credits & $220 million GP tax refunds.
Nine tax credit types used by insurance companies to avoid/evade paying $430 million Insurance premiums taxes.View
That covers 3 of 4 ways state law allows counterfeit tax credits to be laundered other than used to evade paying state income taxes.

Still, covered-up is what happened with the 2006 tax credits during the years 2007, 2008, 2009 and 2010. Still covered-up!

Circa DatesSubjectLink
The scams
3/9/2006Oklahoma tax credit abuse controversy. $221 million false investment Claim Altus Venture & Affinity Ventures in Quartz Mountain Aerospace (QMA) formerly Luscombe Aircraft (LAC) (All FSB Altus OK subsidiaries). OTC forms 526 & 526A.
March 2006FSB & Altus Venture were setting up a separate but different scam in Colorado
10/31/200660 more CFIA tax revenue theft claims, and would total 290 claims by 2009.
OTC emails would prove
2006 to Jul 2009Multiple uses of the same counterfeit 2006 tax credits, e.g., Altus Venture and Chaparral Energy.View
Nov 2008 to Jul 2009OTC was swapping counterfeit 2006 SBV and RSBV tax credits for gross production tax refund checks, and there were major problems.
Nov 2008 to Jul 2009Altus Venture, Affinity Ventures, Chaparral, and related subs received $108 million of $220 million theft.
OTC problems
No tax credit documentation, no records of tax credits previously used. This triggered an later attempt by auditors to document, and were restricted by Tony Mastin the OTC Executive Director.
Not enough GP tax revenue to payoff. Re: the largest drop in oil price history, 70%, occurred July to November 2008. They had to steal from other budgeted items.
 
4/25/2010OTC emails that tripped-up, cover-up (2006-2020) and when combined with other evidence uncovered revealed:
2/22/2010First of 1,500 OTC emails (required two months to copy). $220 million payout in OTC emails dated Jan - Jul 2009, same period the Altus bank was under investigation for crimes in Colorado. OTC employees forced to do leadership's dirty work. Note: Some of the 2006 tax credits were sold at half price and used like tax credits. At the same time $135 million were filed with claims to swap for tax refunds and stored some place in boxes. This boxes mysteriously appeared at OTC when QMA premature failed in Nov 2008 requiring recapturing by law.
 
12/11/2008Four Boxes of Tax Refund claims & complexitiesView
11/19/2008Earliest GP Tax Refund ClaimView
1/1/2009Bogus tax credit investment claims 2006 & 2007. OTC Form 526View
Unqualified claims
1/6/2009Proof of using ineligible receipts. GP Tax refunds 1608 oldest Mar 07 and receipts out of dateView
Other issues OTC employees encountered with tax credit claims. A number of requirements were not met, disqualifying claims.
* A different set of names than the claimed original investors. Only the original investors were eligible.
* Only those who had paid gross production taxes were eligible. Some had not.
* Dates on paid gross production tax receipts disqualified many.
 
Other issues
In other tax credit cases business investments failed for lack of funding before the ink dried. Re: the Liquidity Event.
 
2/22/2009Oklahoma budget shortfall estimate hits $900 millionView
 
OTC's failure to document tax credit claims and keep records of tax credits used. Employees coerced..
03-30-09* OTC Employees unable to find any documentation of records told to skip (pre) auditing & rush payment.View
04/21/2009* Later OTC employees were told they would have to justify denying claims. View.
 
After cover-up.
Corruption worse after cover-up BOK, Foxborough & WPG exposed evidence by advertising $3 for $1 tax credits.
12/31/2009Bank of Oklahoma's (BOK) and Foxborough's claims filed after 2009 cover-up, and triggered FBI's threats.View.
 
Corrupted Openbooks not reported until after the 2009 cover-up
2006 - 0916,000 hidden users of $3 billion tax credits and tax refunds for 15 of Oklahoma's 63 tax credit and 3 tax refund types, for one four-year period 2006 thru 2009.View
1/15/2009Then only reporting 8% when first launched a year late. 205.6 Internet List of Taxpayers Who Claim or May Claim Any Tax Credit. State lawmakers. Openbooks created to give a false sense of securityView
1/15/2009Not reported after FBI cover-up. First launched a year late, more than 90% missing and remains corrupted at every angle. Dates, names, types, the mere 4% of some tax credits, 0% of other tax credits and tax refunds amounts.
 
FBI tripped up and started threats to silence reporting evidence of FBI's role in covering-up organized crime and election funding fraud.
 
Oklahoma Tax Commission Tax Expenditure Reports (TER)
Tax Expenditure Reports are bi-annual estimates that were not even close. With some tax credits, estimates were only about 2% of the actual tax credits.
1/1/20062005-2006View
1/1/20082007-2008View
1/1/20102009-2010View
More contradictions: Both TERs and the first Openbooks tax credit report Jan 2009 Datagov, reported less than 10% of actual tax credits used.
Note
(1) Five tax credit types 68 § 2357.62, .63, .73, .74, .7, specified in the open records request. This was the last in a series of open records request where each request progressively. 68 § 2357.62, .63, .73, .74 are the Capital Formation Incentive Act (CFIA) tax credits. 68 § 2357.7 is the Venture Capital tax credits, usage is restricted to Bank of Oklahoma and Cimarron Business Capital. There is much more complicated, and this was mention here hopefully to help avoid part of the confusion. Re: Tax Credit Types View
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