- Details
- By Brian Edwards
- Finance
Senate Finance Committee ranking member Ron Wyden (D-Ore.) urged the Securities and Exchange Commission to consider delisting White River Energy Corp., accusing the company of repeatedly violating federal securities laws while concealing a federal criminal investigation tied to the sale of nonexistent “tribal tax credits.”
In a letter sent Jan. 29 to SEC Chairman Paul Atkins, Wyden said White River has failed to file required quarterly and annual reports for nearly two years, despite legal obligations under the Securities Exchange Act. He wrote that the lapses appear designed to keep investors unaware of material developments, including an ongoing criminal tax investigation by the U.S. Department of Justice.
Wyden said investigators for the Senate Finance Committee confirmed that the Department of Justice and IRS Criminal Investigation division are examining White River’s role in promoting so-called “tribal tax credits.” According to the letter, the IRS informed Congress that the credits “do not exist” and warned that promoters and taxpayers involved could face civil or criminal penalties.
White River, whose shares trade on the OTC market, has not filed a Form 10-K since mid-2023 and has missed eight consecutive quarterly filings, Wyden wrote. He called on the SEC to compel compliance immediately and to initiate proceedings under Section 12(j) of the Securities Exchange Act to revoke the company’s securities registration if it continues to refuse to file.
The letter adds to mounting scrutiny over White River’s use of tribal names and purported agreements to market tax credits to high-income investors. Previous reporting and court filings show investors paid millions for credits later rejected by the IRS, triggering penalties and lawsuits.
Wyden wrote that allowing White River to remain listed despite years of delinquent filings risks undermining investor protections and public confidence in financial markets, particularly where claims involving tribal governments are concerned.
