Senator Wyden urges the SEC to take action against company selling fraudulent tribal tax credits

nd may have filed its most recent 10-Q for homeowners and businesses in four states, with no due date, may have not renewed its utility certification with the Public Utilities Commission of Ohio.

Wyden’s letter to the SEC included evidence that White River, based in Columbus, Ohio, sold $347 million worth of bogus tax credits based on fictional “tribal economic development zones” in New York State. The firm’s deceptive marketing materials claimed the tax credits were backed by real sovereign nations. Later, in a letter to the Oregon Department of Justice, Wyden disclosed that White River sold a $282 million tax lien, tied to a deed of trust, that was subsequently found to be a “grossly inflated value” and never paid.

Documents Wyden obtained show that a California client invested about $700,000 in these bogus credits. White River CEO Rob Imboden told this investor that the firm would deliver “a great opportunity for tax credits” with “zero risk.” White River went as far as convincing an attorney, who was a board member at a regional escrow firm, to get legal advice on buying $423,000 in tax credits from the firm. Despite promising that the tax credits were backed by sovereign nations in the United States, the same day Wyden discovered a New York City firm with a similar name and address under the name “White River Resources LLC.”

White River also failed to file accurate SEC reports, hiding the federal investigation and fraudulent sales from their investors. Wyden insisted that White River be held accountable for misleading investors and not filing necessary SEC reports. The SEC, in response to Wyden’s letter, confirmed it was actively reviewing the matter and considering possible enforcement actions against the firm. However, the SEC also noted that its staff was conducting routine reviews that had uncovered no wrongdoing by White River.

Wyden’s push for stricter enforcement against White River Energy Corp. comes amid increasing public scrutiny of companies that prey on unsuspecting investors. The firm’s actions in selling fake tribal tax credits is just one example of how companies can take advantage of investors and avoid legal consequences. Wyden’s efforts to hold White River accountable shed light on the importance of regulatory oversight in protecting investors and ensuring fair business practices in the financial sector.