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Urgent Call for Action Against White River Energy Corp

Senate Finance Committee ranking member Ron Wyden (D-Ore.) has made a significant appeal to the Securities and Exchange Commission (SEC) regarding White River Energy Corp. He is calling for the potential delisting of the company due to alleged repeated violations of federal securities laws. Particularly alarming is the allegation that White River has been concealing a federal criminal investigation associated with the sale of non-existent “tribal tax credits.”

Failure to Comply with Reporting Standards

In a formal letter addressed to SEC Chairman Paul Atkins on January 29, Wyden pointed out severe non-compliance by White River. The company has not filed its legally mandated quarterly and annual reports for nearly two years. These filings are essential under the Securities Exchange Act, and their absence is troubling. Wyden argues that such lapses seem intentionally designed to keep investors in the dark about crucial developments, including a criminal tax investigation currently being conducted by the U.S. Department of Justice.

Ongoing Investigations and Potential Consequences

Wyden’s letter brings attention to findings from Senate Finance Committee investigators who confirmed that both the Department of Justice and the IRS Criminal Investigation division are scrutinizing White River’s activities linked to promoting the so-called “tribal tax credits.” The IRS has taken a firm stance, informing Congress that these credits “do not exist,” suggesting that those involved in their promotion could be subject to civil or criminal penalties. This adds an extra layer of urgency to Wyden’s call for the SEC to act promptly.

Severe Delinquency in Filings

White River Energy Corp. has been trading its shares on the OTC market and has not filed a Form 10-K since mid-2023. Compounding the issue, the company has missed eight consecutive quarterly filings. Wyden urged the SEC to compel immediate compliance from White River and to initiate proceedings under Section 12(j) of the Securities Exchange Act. If the company continues to neglect its filing responsibilities, this action could lead to the revocation of its securities registration.

Growing Concerns Over Misleading Practices

The letter also highlights increasing scrutiny over White River’s questionable marketing practices, which involve the use of tribal names and purported agreements to promote tax credits aimed at high-income investors. Previous investigations and court documents reveal that investors have poured millions into these credits, only to later have them rejected by the IRS. This misalignment has led to significant financial penalties for affected investors and has sparked various lawsuits.

Potential Risks to Investor Protections

Wyden cautions that allowing White River to remain listed on the market, despite years of delinquent filings, poses a considerable risk to investor protections and public confidence in financial markets. This is especially critical in cases involving claims related to tribal governments, which should be treated with the utmost integrity and transparency.

The Role of AI legalese decoder

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Conclusion

The call from Senator Wyden for the SEC to take decisive action against White River Energy Corp is a pressing matter that highlights the intersection of investor protection and regulatory oversight. With ongoing investigations and significant legal issues at hand, the continued scrutiny emphasizes the need for transparency and accountability in financial markets. Leveraging tools like the AI legalese decoder can empower investors and increase public awareness regarding the implications of such situations.

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