Wyden, Cortez Masto Demand Answers From Promoters who paid IRS Nominee Billy Long to Sell Investors Fraudulent “Tribal Tax Credits”
New Recording of Investor Call Suggests Tax Scheme Was Far Larger Than Previously Known and Trump Contacts Are Key to Promoters’ Scheme
Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., and Senator Catherine Cortez Masto, D-Nev., today demanded answers from the promoters of a fraudulent “tribal tax credit,” after the senators obtained a recording of an investor call showing the “tribal tax credits” scam may be far larger than previously known. Billy Long, Trump’s nominee to lead the IRS, reported earning $65,000 for his work related to the scheme, according to his financial disclosures.
The call between White River Chief Financial Officer Jay Puchir and 100 or more investors provides new evidence that the company could not provide its own investors with clear proof that the“tribal tax credit” was legitimate. White River could not provide investors with a definitive government document or government point of contact willing to validate or authenticate the legitimacy of the “tribal tax credits” sold by White River.
The call also contains evidence of a potentially corrupt lobbying scheme between White River and incoming Trump Administration officials to authorize millions in so-called “tribal tax credits” the IRS claimed “do not exist.” During the call, Puchir claims he will use his “contacts” in the new Trump Administration to gain favorable treatment on regulatory approvals from the IRS and other federal agencies, including a potential private letter ruling from the IRS. Puchir also claims to have contacts at the SEC that will help White River get its stock publicly traded again after being delisted on the OTCQB stock market.
“We believe the investor call contains evidence of a corrupt lobbying scheme between White River and incoming Trump Administration officials to authorize millions in so-called “tribal tax credits” the IRS claims do not exist,” Wyden and Cortez Masto wrote. “During the call, Puchir claims he will use his ‘contacts’ in the new Trump Administration to gain favorable treatment on regulatory approvals from the IRS and other federal agencies, including a potential private letter ruling from the IRS.”
Last month, the senators called for a criminal investigation into the tax credit scheme, after the IRS informed Democratic Finance Committee Staff that “these tax credits do not exist.”
In light of the concerning revelations contained in the investor call, the senators requested the following information from White River by May 19, 2025:
1. Please provide data on the size of White River’s “tribal tax credits” business, including: a) the number of tribal tax credits purchased by investors to date; b), the total dollar value of tribal tax credits purchased by investors and c) the number of investors that have purchased tribal tax credits from White River.
2. Please provide a point of contact at the U.S. Treasury Department or the IRS that can verify the legitimacy of any “tribal tax credits” White River sold to investors.
3. Please provide copies of any documents signed by the Treasury Department or IRS between 2016 – 2024, including any guidance or agreements, authorizing the sale of “tribal tax credits” by White River to its investors.
4. On SEC filings, White River indicated that White River had acquired the rights to $64 billion in “United States federal income tax credits issued to a Native American tribe.” Please identify the tribe and provide copies of any agreements with the tribe regarding these income tax credits.
5. On his public financial disclosure report, Billy Long disclosed over $65,000 in income from Capitol Edge Strategies, LLC which appears to be related to “tribal tax credits” referrals for White River. He also disclosed receiving over $5,000 directly from White River for referrals. Please provide the following information related to any work Billy Long performed as a referral agent involving White River’s sale of “tribal tax credits:”
a. A description of Billy Long’s services as a referral agent for Capitol Edge Strategies and White River, including any agreements White River or Capital Edge Strategies signed regarding compensation or fees for Billy Long.
b. A description of the origination of White River’s engagement with Capitol Edge Strategies and Billy Long.
c. A list of clients Billy Long referred to White River concerning “tribal tax credits” for which he received compensation.
6. On the investor call, you stated that “starting February 1st, we’ll have full access to the U.S. Treasury for confirmation if anyone needs it.” Please describe what you mean “full access” to the U.S. Treasury to confirm “tribal tax credits” for investors, including a list of Treasury Department or IRS officials who you claim will confirm these tax credits for investors.
7. On the investor call, you stated that “myself and our CEO are going to be at the upcoming inauguration for four days, coming up and meeting nonstop with officials” in relation to White River’s tribal tax credits business. Please list all meetings you had when you and White River’s CEO traveled to Washington, D.C. for President Trump’s inauguration, including the individuals who White River executives met with and the topics discussed.
8. On the investor call, you stated that “starting February 1st with our lobbyists that we have, we are going to work with the IRS and work to get these codified.” Please explain what you mean when you say “get these codified”, since you previously claimed these are already authorized under federal law. Please also provide a list of all lobbyists that White River has formally engaged to lobby federal government agencies and the U.S. Congress.
9. On the investor call, you stated that “the only contacts we have within the IRS would be within the Administration and that would be officials.” Please identify any IRS officials who you have discussed “tribal tax credits” with.
10. On the investor call, you made numerous referenced to your “Ogden contact,” referring to an individual in the IRS Ogden, Utah branch, who you regularly worked with regarding the processing of “tribal tax credits” submitted on tax returns. Please identify the name of your “Ogden contact” in IRS offices in Ogden, Utah.
11. On a call with investors, you claimed that you had a tax return with a “tribal tax credit” had made it through an IRS audit. Please provide the date this audit was completed, the name of the IRS agent who completed the audit, and a copy of the auditor’s report (with redactions to remove any personally identifiable information identity of the taxpayer audited).
12. On the investor call, you said that investors could be given a refund of your fees if they had an insurance claim or if they file their taxes and their tax return is declined. You also mentioned that distributors of the “tribal tax credits” were required to sign a non-disclosure agreement (NDA). One of the participants said that CPAs don’t want to ask their clients to sign the NDA because that makes the credits a “reportable transaction.” Under Treasury Reg. 1.6011-4(b) a reportable transaction includes any transaction offered under “conditions of confidentiality” or with “contractual protection.” Investors are required to report reportable transactions for the IRS and promoters are required to keep investor lists and provide them to the IRS under IRC sections 6112, 6708, and 6707A. Is White River taking the position that “tribal tax credits” are reportable transactions and keeping investor lists? If not, explain why “tribal tax credits” are not a reportable transaction and why White River is not a promoter.
The full letter is available here.
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