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Updated report to appropriate authorities - evidence of tax credit and bank frauds. (cont)
2.1 Altus Venture, Affinity Ventures, Oklahoma Industrial Venture Capital, Quartz Mountain Aerospace, or the Altus Group, was a suspected fraudulent 2006 tax credit filing.
Evidence: August 2009, after new owners, Herring Bank took over the former First State Bank Altus, bank records were discovered revealing, Paul Doughty, while president of First State Bank Altus had issued $643 million in loan commitments to six funds Doughty managed. $643 million was more than twelve times the banks acceptable outstanding loan amounts. Each fund only received $1.
Evidence: 2006 Tax commission report reveals Paul Doughty president of First State Bank Altus OK filed claims that funds, (Altus Venture and Affinity Ventures); collectively Altus Venture he managed, invested $221 million in Quartz Mountain Aerospace, and received $66 million in tax credits. QMA deeply in debt closed down in November 2008.
Evidence: Doughty only invested $32 million in QMA and used $189 million in counterfeit loans to inflated the claim to $221 million, in order to pay investors the $2 in tax credits for each $1 he promised.
Evidence: That only $32 million was ever invested was quickly verified by obtaining the cost to operate QMA from former employees who provided, number of employees, salaries and wages; material and equipment costs; rent utilities, etc.
Evidence: Later verified when John Daniel, the president of Quartz Mountain Aerospace (QMA), 2001 through 2007; issued a public statement confirming Quartz Mountain Aerospace only received $32 million in investments, and received none of the, $189 million loan.
This evidence has been presented to both state officials and federal officials on numerous occasions, only to be ignored. A formal complaint was provided the Oklahoma Tax Commission in March 2009.
Internal OTC emails obtained later revealed not only did OTC ignore the complaint, but had undertaken a hurried all out effort to issue tax refund checks for still unused tax credits. Tax refund checks included more than $27 million to Chaparral Energy. Chaparral Energy SEC filings reveal Chaparral Energy, disclosed investing $15 million in Altus Venture and received $30 million in tax credits. $27 million in gain was realized from the unused of these tax credits during the first 6 months of 2009.