Attention Investors: Wolper Law Firm, P.A. is Representing Clients Who Were Sold Fraudulent Tax Credits Sold by White River Energy Corp.

• January 13, 2026
• White River Energy

The Wolper Law Firm is investigating the sale of White River Energy Corp. Native American Tax Credits (“White River Tax Credits”), which are being offered to retail securities customers as a means to secure tax deductions.  White River has associated with sales agents across the country, including FINRA member brokerage firms, SEC registered investment advisers, insurance salesman and unregistered individuals holding themselves out as investment professionals.  The sales agents have received significant commissions as an incentive to refer clients to the White River Tax Credits.

Investors have been advised that they can secure tax deductions that represent a multiple of each dollar they invest.  However, the IRS has disallowed the deductions.  Members of Congress have also suggested to the IRS that the White River Tax Credits are fraudulent.  The disallowance by the IRS has resulted in investors losing their entire principal and having to pay fines and interest.

The White River Energy Corp. Tax Credit Securities

White River is a Nevada corporation.  It purports to have a relationship with Native American tribes in the United States with sovereign immunity.  With this purported affiliation, White River represents that it has the authority to sell tax credit investments to retail securities investors.  The White River tax credits are sold pursuant to a “Tax Credit Purchased Agreement.”  Investors are told that the IRS will accept a tax deduction that is approximately 60% greater than the amount invested.  For example, if an investor invests $150,000 in White River tax credits, they can take a tax deduction on their Form 1040, equal to approximately $250,000.

Sales agents, some of which are not properly registered to sell securities, are offering the White River Tax Credits to their customers.  The Wolper Law Firm is representing a number of investors, who were sold White River Tax Credits based on these same false pretenses.

The IRS has the Disallowed White River Tax Credits

The IRS disallowed the White River Energy Tax Credits.  Investors have begun receiving correspondence from the IRS, demanding payment of back taxes, penalties and interest, which will continue to accrue until the back taxes are paid.   Upon information and belief, the SEC is currently investigating White River and the agents it utilizes to sell these securities.

On August 19, 2025, Senator Ron Wyden, who sits on the Finance Committee, wrote a letter to Paul Atkins, the SEC Commissioner, recommending that he investigate White River and bring an enforcement action.  Senator Wyden wrote:

I write to call on the Securities and Exchange Commission (“the SEC”) to investigate whether White River Energy Corp (ticker WTRV, hereafter “White River”) failed to comply with its reporting obligations under the Securities and Exchange Act of 1934 (“the Exchange Act”). Even though the Exchange Act requires publicly traded companies to file quarterly and annual reports with the SEC in a timely manner, White River has not filed 10-K annual reports for the 2023 and 2024 fiscal years and has not filed a quarterly report in 16 months. This flagrant disregard for the law necessitates that the SEC consider an order instituting proceedings (“OIP”) to protect investors and ensure White River complies with the Exchange Act.

In order to protect investors, the SEC must immediately consider an order instituting proceedings and ensure 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.

https://www.taxnotes.com/research/federal/legislative-documents/congressional-tax-correspondence/wyden-urges-regulators-investigate-tribal-tax-credits-scheme/7t07g

The White River tax credits are strikingly similar to syndicated conservation easements, another tax scheme invalidated by the IRS.  Syndicated conservation easements are securitized partnerships that own real estate with a unique habitat or ecosystem that is deemed to have a “conservation purpose.”  Between 2014-2021, Wall Street opportunists acquired large tracts of land through these partnerships and hired professionals to artificially create a “conservation purpose” on the land (i.e., hidden minerals under the surface, rare birds and wildlife, etc).  In short order, cheap land was being promoted as highly valuable land that needed to be preserved.  Investors were told that they could take 4x-5x tax deductions for every dollar invested.  The IRS added conservation easements to its “dirty dozen” list, has since audited nearly all of the conservation easement transactions and disallowed the deductions.  The DOJ has also brought criminal cases against some of the industry participants because of what was deemed outright fraud.

Who is Selling the White River Tax Credits?

According to Senator Wyden’s letter to the SEC, there are several distributors of the White River Tax Credits.  Nepsis, Inc., an Investment Adviser, and its affiliate, Nepsis Tax Advisers, LLP, are one of the primary distributors.  The Wolper Law Firm is currently representing clients of Nepsis, who were sold White River Tax Credits.   According to the Form ADV filed by Nepsis, there is a direct personal relationship between the Mark Pearson, the principal of Nepsis, and White River Energy Corp..  Mr. Pearson is a personal investor and “Nepsis is the largest shareholder of the White River Energy Corp.”  Quartermaster Tax, E3 Family Officer and Lifetime Advisors, a subsidiary of Lifetime Navigators, are also distributors.  Each of these entities were selling White River Tax Credits, which are securities, but did not hold appropriate registration as a securities dealer.  There are many downstream sales agents, who also participated in the sale, including unregistered and registered investment professionals.

As an Investor in the White River Tax Credits, What Avenues of Recovery do I have?

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.  Matt Wolper, the Managing Principal of the Wolper Law Firm, has handled more than 1,000 securities cases during his career involving a wide range of products, strategies and securities and has recovered millions of dollars for investors.

If you have lost money in White River tax credits or received a letter from the IRS disallowing the claimed deductions, contact Matt Wolper for a free, confidential consultation, to determine your options for recovery.  Recovery options may be available through arbitration and/or court litigation.  We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.