Earlier this week, REDD-Monitor posted some advice from a law firm about the sale of carbon credits as investments under UK law. Part of the advice was on “what, if any action, may be taken in the UK against companies selling voluntary carbon credits to the retail market.”
Earlier this year, a law firm agreed to provide some advice pro bono about the sale of carbon credits as investments under UK law. Part of the advice was on “what, if any action, may be taken in the UK against companies selling voluntary carbon credits to the retail market.”
On 2 July 2014, the High Court in London ordered two more companies that sold carbon credits as investments into liquidation on the grounds of the public interest. The two companies, Pinecom Services Ltd and Pine Commodities Ltd, had taken almost £2 million from the public.
A company called Bradlodge Corporate Trading is cold calling people who have been scammed into buying carbon credits as investments. Bradlodge Corporate Trading’s boiler room conmen tell people that their company can sell their carbon credits. For an advance fee, of course.
The Trend is Blue is a company that used to sell near-worthless carbon credits as investments. That’s the boiler room part of the carbon credits scam. Now the company rings people up to tell them that they have a buyer for their near-worthless carbon credits. For an advance fee, no doubt. That’s the recovery room part of the scam.
African Land Ltd had a simple offer: Invest in “low-cost, high potential” farmland in Sierra Leone. “We Harvest – You Profit” was the headline of one of the company’s brochures.
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.
REDD-Monitor’s occasional series, Carbonballs features the howlers made by con artists selling carbon credits as investments. This time round, it’s Enviro Associates trying to explain carbon credits to gullible investors.
This is a story involving a company called Sustainable AgroEnergy, a jatropha plantation in Cambodia, boiler room companies, retail investors asking where their money went, banks in Switzerland, Tanzania and the British Virgin Islands, a member of the House of Lords, and the Serious Fraud Office.
Global Forestry Investments claims to be an ethical investment company. But hundreds of investors are now asking where their money went.