Peiffer Wolf is investigating claims on behalf of investors in Louisiana, Mississippi, and across the country who purchased White River Energy Native American Tax Credits through Pelican Family Office advisors Jack Branch, Matt Greene, Gabriel Martin, and/or any associated adviser.
Pelican Family Office is a Covington, Louisiana virtual office whose principals Jack Branch and Matthew “Matt” Greene, along with Gabriel Martin, allegedly recommended and sold White River Energy “sovereign tribal tax credits” to clients — credits the IRS states do not exist.
Jack Branch (CRD # 4750894) and Matt Greene (CRD # 3175382) are the principals of Pelican Family Office (who appear to be operating as Pelican Advisory LLC, CRD # 330658), a virtual office and registered investment adviser headquartered at 681 River Highland Boulevard in Covington, Louisiana. Gabriel Martin (CRD # 7815903) is also an adviser at Pelican. They are FINRA-registered through LPL Financial LLC and registered as investment adviser representatives through Pelican Advisory LLC (CRD # 330658).
Pelican allegedly marketed and sold White River Energy Corp’s Native American Tax Credits (NATCs) — also branded as “Sovereign Tribal Tax Credits” — to clients through the Nepsis Tax Advisors distribution network. The IRS has since confirmed in writing to the United States Senate that these credits “do not exist.” In 2025 the IRS formally classified tribal tax credits as a “scheme” in its Internal Revenue Manual, and advised its agents that such credits “are not allowed, regardless of the amount claimed or the type of documentation provided.
Background: Pelican Family Office, Jack Branch, Matt Greene, and Gabriel Martin
Pelican Family Office markets itself as a virtual family office providing tax planning, wealth management, and business advisory services to business owners and high-net-worth individuals throughout Louisiana and beyond. The firm’s website touts expertise in proactive tax planning and prominently features tax planning as a core service. The firm discloses that securities are offered through LPL Financial, FINRA/SIPC, and that investment advice is offered through Pelican Advisory LLC, a separate entity.
Matthew Greene (CRD# 3175382) is a FINRA-registered General Securities Representative who has been affiliated with LPL Financial LLC since August 2012, working from Covington, Louisiana. He registered as an investment adviser representative through Pelican Advisory LLC effective August 26, 2024. Prior to LPL, Greene was registered with Securities America, Inc., Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities Inc. Greene’s BrokerCheck record reflects no prior customer complaints or disciplinary events.
Jack Branch (CRD # 4750894) is described on Pelican Family Office’s public website and LinkedIn profile as a Proactive Planning Team Leader of the firm, who guides CPAs, business owners, and affluent individuals and has over two decades of experience. He registered as an investment advisor representative through Pelican Advisory LLC effective September 17, 2024 and works from Covington, Louisiana. Prior to that he was registered with On Investment Management Co., Branch Wealth Strategies, and Park Avenue Securities, LLC. Branch’s IAPD record does not reflect any customer complaints or disciplinary events.
Gabriel Martin (CRD # 7815903) was registered with FINRA in 2023 and 2024. He was affiliated with LPL Financial, LLC working from Covington, Louisiana. He registered as an investment adviser representative through Pelican Advisory LLC effective October 11, 2024. Martin’s BrokerCheck and IAPD records do not reflect any customer complaints or disciplinary events.
Pelican’s Platform Emphasized Tax Strategies — Including This One
Pelican Family Office’s website emphasizes “proactive planning” and positions the firm as a resource for business owners and CPAs seeking to minimize taxes through advanced strategies. The White River NATC program appears to have fit within that model: it was marketed as a tax savings opportunity promising a 67% return on cash invested. The White River NATC program suggested a buyer could pay roughly 60 cents for every dollar of federal tax credits and apply those credits directly against their federal income tax liability. However, the U.S. Treasury has stated that no such credits exist, that the Cherokee Nation has issued a cease-and-desist to White River, and that the IRS would reject all such credits regardless of documentation provided.
The White River NATC Scheme and Federal Investigation
Public reports and government materials indicate that the White River Energy NATC program was marketed through a national network of financial advisers and firms associated with Nepsis Tax Advisors LLP of Minneapolis. Purchasers wired funds — typically a minimum of $100,000 — to accounts associated with Nepsis at U.S. Bank in Minneapolis. After federal authorities publicly confirmed the credits were fraudulent in December 2024, Nepsis reportedly informed clients in April 2025 that it could no longer file the credits on their returns, and according to litigation filings,refused to return their money. At least one federal lawsuit alleges that White River and Nepsis refused to refund purchase prices totaling $750,000 even after it became clear the credits were worthless. Senator Ron Wyden estimated in January 2026 that total sales of the credits may exceed $100 million and stated that federal authorities were investigating the matter.
Regulatory Duties and LPL’s Supervisory Obligations
As FINRA-registered representatives and investment adviser representatives, Branch, Greene and Martin owed clients both a best interest obligation under Regulation Best Interest and, in their advisory capacity, fiduciary obligations under the Investment Advisors Act. Both standards generally require financial professionals to conduct reasonable due diligence before recommending investment or tax related strategies and to disclose all material risks — including the fact that the IRS had characterized these credits as nonexistent before many sales were made. LPL Financial LLC, as the FINRA-registered broker-dealer through which Greene and Martin were registered representatives, may have had supervisory obligations under FINRA Rule 3110 to maintain a supervisory system reasonably designed to monitor registered representatives and certain outside business arrangements. Investors who purchased White River NATCs through advisors affiliated with Pelican Family Office may have claims against individuals involved, their advisory firm, and, depending on the circumstances, the supervising broker-dealer.
Do I Have a Claim?
Financial advisers who recommend investments or tax-related strategies may owe clients duties under federal and state securities laws, including obligations to act in a client’s best interest, conduct reasonable due diligence, and disclose material risks. If a Pelican Family Office advisor- including Jack Branch, Gabriel Martin, or Matt Greene – recommended that you purchase White River Energy Native American Tax Credits and you have since received an IRS rejection notice, been assessed penalties, or lost your purchase price, you may be entitled to recover your full losses. Claims involving FINRA-registered representatives are typically pursued through FINRA arbitration. Any claim is subject to applicable statutes of limitation and other filing deadlines. As legal deadlines may apply, it is imperative to seek legal advice promptly.
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Bad Brokers in the news
Matthew E. Greene, CRD# 3175382; Pelican Advisory LLC, CRD# 330658. BrokerCheck information current as of March 6, 2026. Check backgrounds at brokercheck.finra.org.
FAQ
What are the “Sovereign Tribal” or Native American Tax Credits (NATCs) tied to White River Energy, and are they legitimate?
According to statements from the IRS, they are not legitimate. The credits were marketed as federal income tax credits you could buy for about 60 cents on the dollar and use to offset your federal taxes, but the IRS confirmed in writing to the Senate Finance Committee that these purported credits “do not exist” and later instructed IRS personnel that such tribal tax credits are not allowed, regardless of documentation.
Who are Pelican Family Office, Jack Branch, Matthew (Matt) Greene, and Gabriel Martin, and how were they involved?
Pelican Family Office describes itself as a Covington, Louisiana “virtual family office.” Advisory services are offered through Pelican Advisory LLC (CRD# 330658). Advisers associated with Pelican Family Office include Jack Branch and Matthew Greene who allegedly marketed or recommended White River Energy NATCs—also branded “Sovereign Tribal Tax Credits”—to clients through the Nepsis Tax Advisors distribution network. Gabriel Martin is publicly listed as an advisor associated with Pelican Family Office. Gabriel has been FINRA-registered with LPL Financial since 2023 and also allegedly marketed or recommended White River Energy NATCs.
LPL Financial is one of the largest independent broker-dealers in the United States, providing a comprehensive, integrated platform of technology, brokerage, and investment advisory services to tens of thousands of financial advisors and institutions. According to the “About Us” section of LPL’s webpage, the company is affiliated with 32,000 financial professionals who provide investment advice.
How was the White River NATC program marketed and how did investor money move?
It was pitched as a high “tax savings” opportunity—pay roughly 60 cents for each $1 of credits, implying a 67% return on cash used to buy credits. Purchasers typically wired at least $100,000 to a Nepsis Tax Advisors bank account at U.S. Bank in Minneapolis. After the IRSpublicly stated in 2024 that such credits don’t exist, Nepsis told clients in April 2025 it would not file the credits and, according to litigation filings, declined to refund purchase payments.
What potential claims might affected investors have and against whom?
Branch, Martin, Greene, as FINRA-registered and investment adviser representatives, may have owed clients duties under Regulation Best Interest, in certain circumstances,fiduciary obligations to conduct due diligence and disclose material risks, and LPL Financial had supervisory duties under FINRA Rule 3110. Investors who bought White River NATCs through advisors affiliated with Pelican may have potential claims against the individuals involved, their advisory firm, and possibly the supervising broker-dealer, often pursued in FINRA arbitration. Statutes of limitation apply, so it’s important to act quickly.
Is there a broader investigation or litigation related to these credits, and what should I do now?
Yes. Senator Ron Wyden has estimated total sales may exceed $100 million,federal authorities have been asked to investigate the matter, and at least one federal lawsuit seeks refunds (e.g., Johnson v. White River Energy Corp.). If the IRS rejected credits you purchased—or you were penalized—you should promptly consult counsel; Peiffer Wolf is investigating these claims and offers a free consultation at 585-310-5140.
