Tax credits were intended to help offset the risk in investing in business growth. The programs operated in secrecy: uses thinly disguised financial shell games to claim investing 7 (for 30% tax credits) to 10 (for 20% tax credits) times the amount actually invested. This returns investors 200% profit. In some cases, no money is invested.

Unknown identities and numbers of people mask behind LLC's splitting tax credits have been avoiding paying taxes, without investing, and risk losing. No investments, and consequently, no financial growth, and no benefit to the public.

The skimming is occurring in so called economic development initiatives offering refundable tax credits as investment incentives. These programs have been operating without oversight, tracking or accountability, and in confidence; for nearly 20 years. Those taking the largest tax credits, are allowed to avoid filing the required documentation, to demonstrate the investments meet tax credit eligibility requirements. This has allowed using false and inflated claims without filing incriminating documents. The head of the Oklahoma Tax Commission who personally handles these programs, issues false and misleading reports to hide what has been occurring, and the cost.

An unexpected event made public required the Oklahoma Tax Commission to recover more than $60 million in unearned tax credits, hidden in boxes for two years to avoid exposure.

Instead of recovering the tax credits, as required by law, the head of the Oklahoma Tax Commission ordered employees to hurriedly issue refunds, for the claims based on unearned tax credits, without auditing. It turned out, tax credit documentation was missing, and auditors would be restricted from requiring the documentation be resubmitted. An auditor's findings of unqualified tax credit claims for other years would be ignored.

In the haste and disarray (suspiciously tampering) claims processors would over pay, an extra $30 million.

University of Tulsa, Roman Catholic Diocese of Tulsa, several Tribal governments, Oklahoma State Fair, YMCAs, Foundations, various other non-profits and private individuals. Ownership in private individuals?

A Bank of Oklahoma subsidary, Cottonwood Valley Ventures received 20% tax credits for investing $839,000 in Komar Properties of Oklahoma.

Komar Properties of Oklahoma, received $1.7 million tax credits (200%) for investing $850,000 in REI New Markets Investment, which inturn invested $850,000 in Charles Komar & Sons, Inc.

Evidence found on FDIC and SEC websites, non-public OTC reports, and internal OTC emails, retrace tax credit fraud trail starting with bank fraud; a bogus investment scheme; OTC authorizing tax credits for false claims; OTC hidding the fraudulently obtained tax credits and identities; tax credits exchanged under the table for tax refunds. Tax refunds paid out of incoming tax revenue before any of this reaches the state financial system, leaving everything off the books.

More than 600 internal Oklahoma Tax Commission tax credit emails, have been obtained and are currently under review. This is the first of several that will reveal a very clear picture of what has been occurring with tax credits. Feel free to contact me for this information.

WPG Investments charged 8% of the total, or up to $6 million, in fees for Foxborough's tax credit investment scheme. The fraud involves much more than fees. The fraud is found primarily in how the schemes use loans to inflate amounts invested by investors to 10 times the actual amount invested. Fees further reduce the amounts invested; leaving the business investments, with a mere fraction of not only what was claimed to have been invested; but of the cost to the state.

The Oklahoma taxpayers are shelling out $100s millions to destroy, and not help economic growth. $100s millions to destroy, and not create jobs.

Early next week we should have Offering Documents for an OKLAHOMA Tax Credit Program (NO Federal Tax Credits) for 2009 prepared by McAfee Taft that are priced at 50 cents to 55 cents on the dollar. If you would have an interest for your clients I would like to forward the Offering to you.

**Securities offered through WFG Investments, Inc., Member FINRA/SIPC**

A private contractor, Robert Heard, is oversight manager for the tax credit program and authorized BOK's tax credits. Heard also manages, Cimarron Business Capital, the only other fund allowed tax credits. $3.5 million, 99% of Cimarron's tax credits, flowed back to Heard.

2010: State officials are again, ignoring new evidence of the same tax credit fraud, officials' were allowed to cover up, in 2006. We now know what was occurring in 2006. Altus Ventures was using counterfeit loans, and not a loophole, as state officials claimed, to inflated the amounts invested to receive $2 in tax credits for each $1 invested. We now know that lawmakers' 2006 claim, an amendment closed a loophole that would prevent further abuses, did no such thing, rather more than double the amount of fraud.

Economic development tax credits were given for a financial shell game where a nursing home owner(s) buy their own nursing a home from themselves. A scheme that, amounted to no more than a financial paper game, creating no new economic growth or jobs, while allowing some hidden identities to reap unearned tax credits. Oklahoma law allows state officials, including those creating the law, authorizing the shell games and turning their backs to be among those hidden identities.