Between 2 May 2011 and 24 October 2012 a London-based company called MH Carbon sold more than four million carbon credits to members of the public as investments. The carbon credits were worthless and investors lost their money. The company took at least £14.3 million from retail investors.
A company called Oakmount Management Partners Ltd is offering people who have been scammed into buying carbon credits as investments an exit strategy. Of course there’s an advance fee involved. And of course it’s a scam.
Like many other people who were tricked into buying carbon credits as investments, Craig Jamieson found out too late that the carbon credits are near-worthless. He wants to publicise what happened to prevent others from being taken in and in the hope of getting justice.
MH Carbon claims to be “One of the UK’s fastest-growing participants in emissions spot trading within the voluntary carbon credit market.” It offers investors “the opportunity to participate in the new and exciting carbon credit markets,” while “safeguarding the environment for future generations”. But is the company actually little more than a boiler room scam?
This is a story about how a pensioner was scammed into buying carbon credits as an investment. Miriam contacted REDD-Monitor in August 2014, to ask whether her 4,000 carbon credits were worth anything. She told me that 360 Invest Group had persuaded her to buy the carbon credits and that she’d paid the money to a firm of solicitors, Colemans-CTTS LLP, in Kingston upon Thames.
“Credit cards that help the planet.” That’s the sales pitch from a company called Sustain:Green. With the company’s new biodegradable credit card you can “Fight climate change”, “Fund rainforest preservation”, and “Reduce your carbon footprint”.
Following an investigation by the Insolvency Service, 13 companies that sold carbon credits as investments have been wound up in the UK’s High Court on the grounds of public interest. The companies had scammed people out of more than £19 million.