U.S. Sen. Ron Wyden (D-OR), Senate Finance Committee ranking member, recently sent a letter to Securities and Exchange Commission (SEC) Chairman Paul Atkins, urging him to consider taking steps to delist White River Energy Corporation.
The Department of Justice is investigating White River for fraud. The company allegedly sold fake tribal tax credits to clients. Under law, the company is required to disclose to investors the existence of a federal criminal investigation, but the company has not done so and has not filed a 10-K annual report since 2023 or a quarterly report in nearly two years. The SEC has the power to revoke the registration of publicly traded companies that refuse to file periodic reports.
“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,” Wyden said. “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.”