Wyden Calls for SEC Action on Firm that Sold Fake Tribal Tax Credits

Wyden Calls for SEC Action on Firm that Sold Fake Tribal Tax Credits

Wyden Releases Evidence Confirming White River Energy Corp. Sold Fake Tax Credits; White River Is Hiding Ongoing DOJ Investigation from Investors by Refusing to File Legally-Required SEC Reports

Washington, D.C. - Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today urged SEC Chairman Paul Atkins to consider taking steps to delist White River Energy Corp., a firm that sold fake "tribal tax credits" to clients and is concealing from investors the existence of a federal criminal investigation into those fraudulent sales. White River is under criminal investigation by the DOJ for tax fraud but has not disclosed this to investors. Under the Securities and Exchange Act, White River is required by law to to file quarterly and annual reports and disclose in public filings "material pending legal proceedings" such as a DOJ investigation. However, White River has not filed a 10-K annual report since 2023 nor has it filed a quarterly report in nearly two years. The SEC routinely revokes the registration of publicly traded companies that refuse to file periodic reports, but has refused to take action against White River.

In a new letter to Chairman Atkins, Wyden is also releasing hard evidence confirming that the so-called "tribal tax credits" White River sold to investors were fake. This includes an email from the IRS to Wyden's Finance Committee staff confirming that these tax credits "do not exist." The SEC must protect investors by conducting enforcement in response to White River's continued refusal to comply with federal securities laws.

"All publicly traded companies must comply with the Exchange Act by filing required periodic reports with the SEC. Despite these clearly defined legal obligations, White River has failed to file annual and quarterly reports over multiple years. The facts outlined in this letter show that White River's brazen disregard for the Exchange Act may be willful and designed to keep investors in the dark about material issues, including an ongoing federal criminal investigation into White River's sale of tax credits," Senator Wyden wrote. "In order to protect investors, the SEC should immediately consider issuing an order instituting proceedings to ensure that White River complies with the Exchange Act. If White River continues to refuse to file required periodic reports or disclose the existence of a criminal investigation, the SEC should also consider initiating Section 12(j) proceedings and revoke the registration of White River's securities. Our public markets must not be used by White River and other promoters to hawk a fraudulent tax shelter that the IRS says doesn't even exist."

Senator Wyden's letter to Chairman Atkins is available in full here.

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