Altus Ventures $126 million View
Scissortail $90 million View
Foxborough $600 million View
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Venture capital (also known as VC or Venture) is a type of private equity capital typically provided to early-stage, high-potential, growth companies where the rewards are years out and carry a high risk. Venture capital is a special kind of funding to create a foundation for building the businesses that will replace today's diminishing industry and jobs. Oklahoma's venture tax credit program was intended to incentivize that venture capital funding needed by rewarding investors tax credits worth 20 to 30% of their at risk investment. |
Uncovered financial records of the Altus banking group currently under federal investigation for numerous financial wrong doings reveals, not one but two false tax credit claims amounting to over $400 million which allowed taking over $120 million in unearned tax credits during the 2005 and 2006. Tax credits then sold for cash!
reporting false and deceptive information!
Two years of extensive research and investigation into state income tax abuses has already played a major role in the current federal investigation into the financial dealings of First State Bank Altus and subsidiaries.
That effort also produced previously undisclosed OTC documents exposing at least two false claims the Oklahoma Tax Commission failed to catch (the number will surely grow once the veil of secrecy is lifted).
1) a $200 million false claim by the same Altus bank group currently under investigation; and
2) a $90 million false claim by Scissortail. Both for the 2006 tax year.
Failure to catch the $200 million false claim is especially telling considering the controversy, legislative action and media attention surrounding this investment earlier in 2006. Tony Mastin, in charge of these tax credits at OTC's was interviewed during the controversy.
- Operates in a freestanding mode with NO oversight! NO accountability! NO transparency!
- Hidden from the public and operating off the books.
- Oklahoma has no laws preventing public officials from participating and benefiting.
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Here are more key features
Although there is no state agency or official assigned oversight responsibilities, there is a provision for the tax commission to issue a letter obligating the state and helping the scummers sell their tax credits. |
- Took $56.7 million in excessive tax credits by misrepresenting amount invested.
- Helped write the tax credit bill after giving large donation.
- Company they own failed to pay employee withholdings.
- Defendants in a $25 million Colorado land scam accused of using mirrored bank accounts and kickbacks to defraud.
- Current defendants in two other lawsuits, and two other previous lawsuits.
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The law protects any found abusing the program from punishment or being required to return any money, yet provides the public no protection against abuse.
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The cost to those taking $100s million in tax credits is less than one penny out of each $1 they get to fund the election for all 150 lawmakers.