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Senior Life Settlement Insurance (SLS) Fraud

Jan 2008 Quartz Mountain Aerospace was broke, having received the funding claimed 14 months earlier Oct 31, 2006.

SLS Fraud was one of five new scams starting Jan 2008 to cover-up Altus Venture's fraudulent 2006 tax credit investment claim Quartz Mountain Aerospace and keep QMA Open Until Nov 2008 elections. View

SLSs were sold to QMA board members, including Mark Acero, then president of QMA that had to know about the Quartz Mountain Aerospace investment scam, among other schemes.

Scam 2 of 5 to cover-up QMA scam and keep QMA Open Until Nov 2008 elections.
1. F. Don Anderson
2. Keith Dodson
3. Gerald Ray Smith
4. William Newland
5. Mark Arciero, QMA president
06/29/201625:15-cr-00085 R Gov Supplemental Trial Brief, Count 10, Pg. 16 View
07/01/20162Senior Life Settlement fraud. DOJ treated coconspirators as victims. View

Case 5:15-cr-00085-R Document 65 TRIAL BRIEF Filed 06/01/16


2. Senior Life Settlement ("SLS") loans Page 4 of 16

Doughty's failure to disclose to FSB that five SLS loans each included a $125,000 service fee to Altus Ventures. To help prop up a fledgling local company named Quartz Mountain Aerospace ("QMA"), Mr. Doughty and Mr. Anderson pitched to QMA's board an idea for board members to take out $2.5 million loans. Part of the proceeds would go to QMA, and part of the funds would help to buy third-party life insurance policies, with the plan that benefits from those policies would ultimately be used to repay the loans. Borrowers will testify to how they learned of the $125,000 Altus Venture fees only after the loan's closing.


07/01/2016 Paul H. Doughty, former president and owner of First State Bank Altus OK, convicted on 10 counts of bank fraud and conspiracy. View Court Summary.

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