Tribal individuals named and the initials of one individual have been blocked pending review by federal invesigators.
The entity which was the primary party on the Kiowa side was the Kiowa Economic Development Board, as listed above. The total KEDB advances of $166,990.00 were never deposited with nor reported to the Kiowa Finance Office and an accounting of those monies was never provided to the Tribal Treasurer. Though the KEDB claimed autonomy from Kiowa governance, they "passed the buck" to the Kiowa Tribe when it came time to pay the bill.
The total expenses being claimed by the LLC, $1,337,899.73, is just a small portion of development costs which was written into a development/management loan agreement signed by the then Chairman of the KEDB, the then Chairman of the KBC, and the President of the LLC. The LLC projection of total development costs was over $80,000,000.00 and the agreement granted the LLC total control of all Kiowa gaming until the loan was repayed. The LLC is working feverishly to move their claim to a court of arbitration where the development/management agreement will be enforced in their favor, or the Kiowa Tribe will be liable for repayment of the $1M+ bill submitted to the KBC, plus attorney fees.
There are many questions of fraud, embezzlement, and other extremely negative factors appearing in the history of this situation and the present KBC has their work cut out in trying to resolve the case in favor of the Kiowa Tribe. The history of the KEDB's involvement in this mess and their mishandling of large sums of money is complicated and will require diligent effort to uncover the full story of how we were sucked into this quagmire.
Again, click on the spreadsheet image for enlargement and easier reading and, stay tuned..........
1. Is the KEBD tribally chartered?
ReplyDelete2. Is there a tribal policy that mandates that all affiliated organizations must have a fidelity bond? What about the KBC snd tribal management?
3. The tribe needs to upgrade and implement it's fiscal controls and policies to ensure that affiliated tribal organization are fully accountable. They should submit audits, reviews, etc., and if they refuse, have the tribe's auditor do a review.
4. The way I see it, the LLC ran this account at the expense of the KIC and they made a bad business decision. That's not our fault. They can write this off as a bad debt and issue a 1099 to all those tribal folks that usurped the tribe's financial system by receiving compensation under the guise of "tribal expenses". Can't have it both ways.
5. Keep posting. I'm disgusted!!!!!!!