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.
In February 2014, the UK’s Financial Conduct Authority won a case in the High Court against two investment schemes promoted by Capital Alternatives and other firms.
Last week City of London Police led the biggest ever international operation against boiler room fraud, resulting in the arrests of 110 people, mainly in Spain and the UK.
Carter & Campbell claims to offer “Investment you can trust, experience that produces results and a client focussed company.” The reality is that it is running a recovery room scam.
A company called Consultants Europe is cold calling people, claiming that they can sell near-worthless carbon credits for more than £5.75. Of course, there’s an advance fee to be paid of 45p per credits.
China Development Finance Corporation is cold calling people and offering to sell their near-worthless carbon credits. The company is a transparently obvious scam.
Carbon Offset Consultants cold calls people and offers them an exit strategy for the carbon credits that they were scammed into buying. Of course, there’s an advance fee to be paid.
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”.
A company called FE Wealth Management is currently cold calling people offering to sell their carbon credits – for an advance fee, of course. And if it is not a recovery room scam, then I’m the Queen of Sheba.