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Altus Venture $126 million View

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Foxborough $300 million  View

Recently uncovered Altus Venture Capital Fund (AVCF) financial records reveal far more than was previous known about the level of tax credit fraud!

Sixty-six million dollars for 2005! Another $60 million for 2006! Twice what was previously thought, and we have yet to see 2004, 2007 and 2008's tax credit information?

To access the financial records. View more

These financial records reveal the money shuffling schemes used to create ghost money, which was in turn used to claim inflated investments of approximately $221 million in 2005. The following year, 2006, Oklahoma Industrial Venture Capital Company LLC, an investing arm of AVCF filed a second $200 million. Apparently so confident there would be no review or audit, they simplly didn't bother investing one dime of new money. This allowed the Altus Gang to take state income tax credits amounting to 30% of each claim without the Oklahoma Tax Commission apparently noticing any irregularities.

This show of confidence the false claim would go unnoticed is particularly puzzling in light of previous statements by Tony Mastin who by this time had been promoted to the Oklahoma Tax Commissioner Administrator.

These records reveal the real money invested was $29 to $30 million in 2005 and ZERO in 2006.

Note: A total of $32 million was invested in QMA. $2 to $3 million was invested in late 2004 and would have been required to have been claimed in 2004. OTC will not make the 2004 claims available, however other source suggest there was a 2004 claim. How large that claim is unknown.

These financials covering the period from January 21, 2005, through July 31, 2007, were found in emails thought to have been deleted from the server the Altus Gang had been using in the Colorado land scam. The Altus Gang had made a rapid departure from Colorado, when advised by the land owner partner's in Colorado there would be an audit of the Colorado partnership books.

This is a situation that sounds beyond belief until one understands the myriad of financials dealing this group was involved during these periods. The same financial dealings that have had FDIC and Federal Reserve System regulators and auditors tied up at the Altus bank for nearly 5 months. The longest bank audit in memory for most bankers, and it still isn't over!

Speculation is the Altus Gang was thought to be in such dire straits from past financial failures they resorted to multiple concurrent financial schemes to bail themselves out. We know of Alabama and Colorado real estate deals that went sour. Talk of a failed hurricane salvaged boat/yacht deal, and connections with a West Coast condo deal.

We also know of Paul Doughty, then president of First State Bank Altus and most affiliated subsidiaries, participation in advising Rep. Kevin Calvey, then Chairman of the House Tax and Revenue committee, in writing the 2006 amendment that was "supposed to close" the tax credit loopholes used for fraud. Participation:

• during the same time frame members of the Altus Gang maxed out their campaign donation limits for Kevin Calvey's run for US Congress. View more
• during the same time frame that Calvey received most of his total donations from out of state members of the Club for Growth PAC that our later investigation found what we believe were coding irregularities that made those donations appear as individual donations and not PAC donations on the FEC Website. Club for Growth's membership is heavily laden with members of the investment community, as is Altus Venture. View more

To access the financial records. View more