More info on the alleged tax credits fraud
The Gazette ran a story about the tax credits issue recently.
Nick Baker replies to the Gazette;
He says all the state officials quoted have been provided with evidence of fraudulent tax credit claims and false reporting by the OTA many times over the past 3 years. Most officials, aside from a “handful of state representatives” have disregarded this information completely. Baker says the most of the evidence can be found in state documents.
One example given by Baker is that Altus Ventures claims to have invested 221 milliion Quartz Mountain Aerospace in 2005 and another 221 million in 2006. In reality, says Baker, only 32 million was invested in 2005 but Altus Ventures still received 127 million in tax credits.
Baker says that when he notified state officials about this discrepancy, they simply ignored the issue and two years later when Altus Ventures failed for lack of funds, officials again ignored evidence presented them about the organization’s false claims.
July 31, 2009 the FDIC seized First State Altus Bank where 643 million in fake loans were covered and according to Baker it was these fake loans that were used to inflate the amount invested in Quartz Mountain Aerospace from 32 to 421 million! Once again, when state officials were notified about this wrongdoing they chose to ignore it.
There is more but go read the article and the rest of Nick Baker’s reply to it yourself.
The validity of Nick Baker’s assertions can be easily confirmed. His website is The Prowling Owl