Enviro Associates continues to contact people who have been scammed into buying carbon credits. In its latest email, it doesn’t say that it can sell the carbon credits, instead offering “the latest information regarding the market”.
In 2013 the top story on REDD-Monitor was the carbon credits as investments scam. All of the top ten posts on REDD-Monitor were about this story, which involves companies (largely UK-based) pushing carbon credits onto unwary retail investors.
Financial Advisors Online is a company offering an exit strategy for people who were scammed into buying carbon credits as investments. Needless to say, for an upfront payment. And, needless to say, Financial Advisors Online is running a recovery room scam.
Almost a year ago, the BBC secretly filmed Luke Ryan, the director of Enviro Associates, making misleading claims about how much money can be made by investing in carbon credits. Ryan reckoned there was “serious money” to be made. Of course, we know he was lying. An online survey by the Financial Conduct Authority found that no one had made any money by investing in carbon credits.
A recovery room is a company that claims to offer assistance to people who are the victims of boiler room fraud. For a fee, of course. The recovery room is the second part of the boiler room scam.
There are many reasons not to buy voluntary carbon credits as an investment. The price is likely to fall over time. There is no secondary market. And you’re more than likely to be ripped off when you buy carbon credits.
“R”, a commenter on REDD-Monitor, recently told his story about buying voluntary carbon credits from a company called City Asset Partnership. He paid a total of £1,525 for 250 credits, a price of £6.10 per credit. Unfortunately, the company seems to have all the hallmarks of a boiler room scam.
Carbon Neutral Investments is a UK-based company that, until recently, offered two services. First, it worked with companies to sell them carbon offsets to make them “carbon neutral”. Second it provided clearing and settlement services for companies selling voluntary carbon credits.
Last week, a commentator on REDD-Monitor asked about a company called World Carbon Marketplace. The commenter pointed out that on the company’s website, 28 people were advertising carbon credits from 58 projects supposedly worth a total of just over £2 million.
Meet Carbon-ex S.à r.l. “With 30 years bluechip experience, we are an industry-leader in trading carbon credits.” According to its website, that is. Unfortunately, the company’s website provides no information about its 30 years bluechip experience. Carbon-ex was incorporated in Luxembourg in October 2010. And the company’s website was registered only two years ago.
Anglo Capital Partners’ website describes carbon credits as “The ethical alternative investment” and “a phenomenal alternative investment opportunity”. This description is dramatically different to the advice on the UK’s National Fraud Intelligence Bureau: “If you buy carbon credits you WILL NOT make any money no matter what the salesman says.”