White River Energy Corp. NATCs
Financial Advisers Allegedly Sold Nonexistent Tax Credits
Beginning in late 2023, White River Energy Corp. (OTC: WTRV) and its alleged distribution partner Nepsis Tax Advisors LLP purportedly worked with a nationwide network of financial advisers, investment adviser representatives, and tax professionals to sell what were marketed as “Native American Tax Credits” (NATCs), also called “Sovereign Tribal Federal Tax Credits.”
According to Bloomberg, purchasers allegedly paid roughly 60 cents per dollar of purported federal income tax credits, with a reported minimum purchase of $100,000. The U.S. Treasury, the IRS, and the Senate Committee on Finance have each confirmed that these credits do not exist.
Peiffer Wolf is investigating potential claims on behalf of investors who purchased White River NATCs through any of these individuals or their associated firms. Contact Us today by filling out a Contact Form or by calling 585-310-5140 for a FREE Case Evaluation. It is critical to act quickly to preserve your rights and explore all available options for potential maximum recovery.
Financial Professionals Allegedly Involved in the Sale of White River NATCs:
Arizona
Rob Holman– Dason Wealth Management
Arkansas
Jeffrey Hill– Hill Financial Group, Inc.
California
Scott W. Burch– Sage Investment Advisors
Roland W. Chow– Optura Advisors
Sterling Hirsch– Collective VFO/Sterling First Financial/Infinity Financial Services Advisory
Eric Restrepo– Lifeworks Advisors, LLC
Colorado
Todd Smith– Level 5 Financial
Connecticut
Tom Suvansri– Perrenial Pride
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Bad Brokers in the news
Florida
Andy Bowman– World Equity Group inc
Frank Gutta– Frank Gutta, CPA
Travis Jennings– Twenty/Five
Eric Schwartz– Echelon Resource Teams
Michael Simms– Veracity Advisors
Dustin Terry– Clear Harbor Wealth Management
Georgia
Jason Bright– Brightsmith Advisors
Illinois
Ed Kollada– Elite Wealth Partners
Stuart Kruse– Kruse Asset Management
Joseph LoPresti– Kruse Asset Management
Louisiana
Jack Branch– Pelican Family Office
Todd Villarrubia– Wealth Planning Law Group and Fountainhead Global LLC
Maryland
Craig Hebert– Summit Financial Services
Greg Keiper– Midatlantic VFO/Anchor Point Wealth
Minnesota
Dale Montgomery– Tax and Retirement Specialists
Nevada
Susan Marshall– Nautical Star Financial Group
New York
Andres Rios– New York Life Securities LLC
North Carolina
Charles West– Endurance Financial LLC
Ohio
Ron Joseph– Elite Consulting and Solutions
Pennsylvania
David Richard Herrmann– Formerly registered with ONYX BRIDGE WEALTH GROUP LLC
Lisa Manfredi– Wealth Battle Family Office
South Carolina
Manos G. Cito– BACK9 Advanced Tax Planning Solutions
Tennessee
Stacey Andres– BACK9 Advanced Tax Planning Solutions
Hall Ballinger– MML Investor Services
Mark Wade– Echelon Wealth Strategies
Texas
Tracy B. Coffman– VFO Austin/Coppell Advisory Solutions/Prushe Kaplan Sterling Investments
Al F. Devji– Devji Wealth Management
Tyler Mattingly – e3 Wealth
John E. Moriarty – e3 Wealth
Joseph Quartucci – e3 Wealth
Arpit Sharma – e3 Wealth
Utah
Steven D. Cox– SDP Personalized Planning
Carson Grover– Wealth Innovation Group
Scott Phillips– SDP Personalized Planning
Merrill Taylor– Taylor Proactive Team
Viginia
Diron Insley– White Oak Wealth
Paavan Kotini– SWAN Insurance Group and Kotini and Kotini
Kwesi Robotham– Kingstowne Advisors
Wisconsin/Colorado
Jeffrey Rainer– Lifeworks Financial Advisors
Registration status is based on publicly available records, including FINRA BrokerCheck and SEC IAPD as of March 2026. “FINRA-Registered” indicates the individual holds or previously held a securities license through a FINRA member firm. Individuals listed may have been registered as brokers, investment advisers, or both at different times.
The presence of an individual on this list reflects publicly available information about their alleged involvement in the sale or marketing of White River NATCs and is not, by itself, a determination of wrongdoing or legal liability. All individuals are presumed innocent unless and until proven otherwise.
Financial Implications for Purchasers
White River Energy claimed to have acquired billions of dollars in federal income tax credits purportedly issued to a Native American tribe. In SEC filings, White River stated it had entered a joint venture through which it allegedly received “$5,500,000,000 of United States federal income tax credits issued to a Native American tribe.”
White River and Nepsis then allegedly sold these purported credits to investors at 60 cents on the dollar through a network of financial advisers. White River further disclosed in SEC filings that it earned at least $24 million from the alleged sale of these credits.
Additionally, public records have identified the following key statistics:
• 43 Financial Professionals Currently Identified
• At Least 21 With Current or Prior FINRA Broker Registration
• At Least 22 States Affected
• $100M+ Estimated Total Sales
Federal Confirmation: The Credits Do Not Exist
“We can confirm that these tax credits do not exist. Taxpayers who claim credits that don’t exist are subject to penalties and possible examination. Furthermore, promoters of these credits may be subject to civil or criminal penalties.”
— IRS Office of Legislative Affairs to Senate Committee on Finance, March 21, 2025
In August 2025, the IRS updated its Internal Revenue Manual (IRM 3.11.15.5.9) to formally classify the following claimed credits as a scheme that must be disallowed: Tribal Tax Credit, Sovereign Tribal Federal Tax Credit, Native American Tribal Credit, and Section 6418 credits claimed under these names.
According to Senator Wyden’s January 29, 2026 letter, the DOJ and IRS Criminal Investigation (IRS-CI) are reportedly conducting an active criminal tax investigation into the alleged sale of tribal tax credits by White River and its partners. Subpoenas have allegedly been issued, and multiple subjects have reportedly retained counsel. The investigation purportedly began in 2024, with IRS-CI special agents allegedly conducting interviews in Fayetteville, Arkansas, where White River is headquartered.
Financial advisers who recommended these credits had regulatory obligations to conduct reasonable due diligence. FINRA-registered brokers are bound by Regulation Best Interest, requiring reasonable diligence, care, and skill. Investment adviser representatives owe a fiduciary duty — the highest standard of care recognized by law. Advisers who allegedly recommended these purported credits without conducting adequate due diligence may be liable for their clients’ resulting losses, IRS penalties, and related damages.
Did You Purchase White River Tribal Tax Credits?
If you purchased NATCs through any of the financial professionals listed on this page — or through any other adviser — and have suffered IRS rejection, penalties, or investment losses, Contact Us today by filling out a Contact Form or by calling 585-310-5140 for a FREE Case Evaluation.
FAQ
Do “Native American Tax Credits” (NATCs) exist or have any basis in federal tax law?
Short answer: No. The U.S. Treasury, IRS, and the Senate Finance Committee have each confirmed these credits do not exist. The IRS has formally classified claims for “Tribal Tax Credit,” “Sovereign Tribal Federal Tax Credit,” “Native American Tribal Credit,” and Section 6418 credits claimed under these names as a disallowable scheme (IRM 3.11.15.5.9, updated August 2025). Taxpayers who claim non-existent credits are subject to penalties and possible examination, and promoters may face civil or criminal penalties.
How were these purported credits marketed and what was the scale of sales?
They were allegedly sold nationwide by White River Energy and Nepsis Tax Advisors through a network of financial advisers, typically for about 60 cents per dollar of supposed credits, with a reported $100,000 minimum purchase. Public filings and reports indicate White River claimed to have access to $5.5 billion of credits, disclosed at least $24 million in revenue from sales, and total investor purchases are estimated at over $100 million.
What investigations or government actions are underway?
According to a January 29, 2026, letter from Senator Wyden, DOJ and IRS Criminal Investigation are conducting an active criminal tax investigation into the alleged sale of these credits, with subpoenas issued and interviews reportedly occurring in 2024 in Fayetteville, Arkansas (White River’s headquarters). Separately, the IRS updated its Internal Revenue Manual in August 2025 to direct that claims for these credits be disallowed.
What are the potential consequences for investors and advisers involved?
Investors who claimed these non-existent credits face potential IRS examinations and penalties. Promoters may be subject to civil or criminal penalties. Advisers who recommended the credits had due-diligence obligations—FINRA-registered brokers under Regulation Best Interest and investment adviser representatives under a fiduciary duty—and may be liable for clients’ losses, IRS penalties, and related damages if they failed to exercise adequate diligence.
Does being listed as an “allegedly involved” professional mean the person committed wrongdoing?
No. The list reflects publicly available information about alleged involvement in the sale or marketing of White River NATCs and current or prior registration status. It is not a determination of wrongdoing or legal liability; all individuals are presumed innocent unless and until proven otherwise. If you purchased NATCs through anyone—listed or not—you can seek a free case evaluation to understand your options.