Three firms that were involved in a £3.2m scam selling carbon credits to retail investors have been ordered into insolvency by the High Court.
Global Carbon Brokering supplied carbon credits to Global Neutral, which then marketed them to the public at inflated prices, according to the Insolvency Service. Another carbon credit supplier, Future Carbon, was also wound up on the grounds of public interest.
All the companies were linked with World Future, a company that raised £2.5m by selling carbon credits in a misleading way.
Chris Mayhew, company investigations supervisor at the Insolvency Service, said, “This blow formally brings an end to a thoroughly disreputable group of companies selling carbon credits to the public by false and misleading statements.
“Investors should not respond to cold calling investment sharks, or to others who claims to be able to recover money already lost as they will gain nothing but risk losing everything.”
Mark Hoskin, a financial adviser and partner at Holden & Partners, previously told Blue & Green Investor, that despite brokers telling investors that selling voluntary carbon credit (VCC) would be possible, this was not currently the case.
He said, “The reason they say hold [the VCCs] for five years is that they are hoping someone will start buying VCCs in the future. They don’t have any people themselves buying second hand VCCs and […] I have not heard of anyone who has sold a second hand VCC on a market ever.”
The financial regulator has also issued a warning to retail investors about investments in graphene, a type of carbon in development. The issue was first uncovered on a computer of a boiler room scam leading to the conclusion that firms that have sold high risk, dubious products, including carbon credits, in the past are now trying to sell graphene.
Concerns also stem from reports of high-pressure sales tactics, the targeting of vulnerable consumers and a strong possibility of fraud, as graphene is unregulated by the Financial Conduct Authority.
Like our Facebook Page
10 Simple Home Improvement Tips To Create A Green Home Environment
Business Initiatives: Ways to Preserve the Environment
Ultra Simple Guide to Consumer Solar Panel Installation
7 Very Important Steps to Become an Eco-Friendly Dog Owner
The Unbelievable Car Insurance Perks of Being an Eco-friendly Car Owner
5 Very Important Sustainable Guidelines for Home Renovations
9 Essential Elements of Success for Eco-Friendly Food Trucks
Comprehensive Analysis of the Environmental and Financial Benefits of Hybrids
7 Ethical Stocks Looking to Make a Significant Recovery after the Pandemic
Radical Waste Management Solutions Are Essential for Environmental Preservation
An Important Look To The Future of Green Construction
Implementing the Best Sustainable Construction Practices with Timber
The Triumphant Turnaround of Tesla Motors
4 Eco-Friendly Ways to Invest in Your Business
The Terrifying Effects of Polyester on the Environment and Our Health
Understanding the Horrifying Hazards of E-Waste 101
The Terrifying Environmental Footprint Of PPE Disposals
Sustainability is Transforming the Diamond Industry
Massive Technological Advances Create a New Era for Sustainable Farming
4 Sustainable Real Estate Renovations to Complete Before Renting Your Home
- Editors Choice10 months ago
10 Green Companies With Amazing Environmental Initiatives
- Environment11 months ago
How You Can Celebrate An Environmentally Friendly Christmas Or Holiday
- Features10 months ago
5 Sustainable Home Improvement Ideas To Improve Your Home’s Value
- Environment11 months ago
Simple Hacks to Slash Your Environmental Footprint for the Holidays