High Court closes £3.2m carbon credit 'investment shark scam'

Laura Miller
clock

The High Court has ordered three companies involved in a £3.2m scam selling carbon credits to investors at inflated prices into liquidation following an investigation by the Insolvency Service.

Global Carbon Broking supplied carbon credits to Global Neutral which then marketed them to the public at very high prices. Both companies had earlier been ordered into provisional liquidation on 19 September 2012 and 8 November 2012 respectively. A third carbon credit supplier, Future Carbon, was additionally wound up on grounds of public interest. All three companies were inextricably linked with World Future, a company that raised some £2.5m by selling carbon credits in the same misleading way to the public. World Future and two other connected companies, Capital Wealth and Four...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Trade bodies call for chancellor to stop FCA public enforcement

Trade bodies call for chancellor to stop FCA public enforcement

‘Proposals to publicise investigations are a worrying development’

Isabel Baxter
clock 29 April 2024 • 2 min read
SDR extension plans will ensure 'uniform standard' for portfolios

SDR extension plans will ensure 'uniform standard' for portfolios

'Retail-focused firms are also facing a short timeline to prepare'

Cristian Angeloni
clock 24 April 2024 • 4 min read
FCA proposes advisers and platforms 'must' communicate SDR labels

FCA proposes advisers and platforms 'must' communicate SDR labels

Distributors also must provide access to consumer-facing disclosures

Isabel Baxter
clock 23 April 2024 • 1 min read