Company Misled Investors In £1.1m Carbon Credits Scam

14
1994

A salesman who conned customers out of more than £1 million by making false claims about investing in carbon credits has been banned from running a company for 15 years.

Anthony Allen, 31, denied he sold the carbon credits as an investment, but investigators from the government’s Insolvency Agency’s public interest unit found scripts for sales staff that referred to high returns they could earn.

The investigators concluded that Allen misled customers into handing over £1.1 million for worthless voluntary emission reduction carbon credits.

The Insolvency Service explained that after years of investigations into unlinked firms selling carbon credits, no genuine market allows ordinary investors to resell their holdings.

Despite this, Allen told his clients they could generate high returns from their investments when he knew they could not.

Investors paid almost double for worthless investments

Allen told investigators: “The carbon credits were not sold as an investment, as I don’t believe it was an investment. Some customers believed it was, not due to anything we said”.

Allen traded the carbon credits through a company called Global Neutral Ltd, based in London’s prestigious Canary Wharf financial district.

He set the company up after World Future, another firm selling worthless carbon credits that he was involved with was closed in the public interest.

Paul Titherington, official receiver at the public interest unit stated that Allen only had eight months experience of selling carbon credits when he set up Global Neutral.

He then employed 12 sales staff from World future without an interview to carry on World Future’s business.

They sold carbon credits for Allen at a mark-up of between 107% and 195% of the price paid by Global Neutral.

Misleading investment claims

“The company persuaded members of the public to part with substantial sums by falsely claiming that customers would be able to easily sell the units and make large profits,” said Titherington.

“In reality there was no market to sell their units, and so the customers have lost all the money they believed they were investing. The misleading scheme operated only for the benefit of those running the company.

“As is so often the case, if an investment scheme appears too good to be true, it probably is.”

Besides banning Allen as a director, Global Neutral was wound up in the public interest.

14 COMMENTS

  1. Just putting a comment here to name these individuals posing as the LONDON COMMODITY ARBITRATION SERVICE LIMITED informing me they have a buyer for my investment in EVERGREEN FARMING & FORESTRY LTD and in order for the sale to complete I need to put cash into a holding account first.

    They are not from the LONDON COMMODITY ARBITRATION SERVICE LIMITED as I managed to get in touch with the actual company director who confirmed it is not from them. They pose as directors (james noble) but are not. Do not transfer any money to them. the numbers they provide are 02034440212 and 02034773622 – email lcaservice@consultant.com

    • I also have dealings with Evergreen forestry and farming Ltd.
      Various companies have contacted me , informing me that they have been contacted by the receivers to contacted me and offer a price for the trees. However all asking for a fee to retrieve my investment! Who do I trust for advice and support?

  2. I have been approached by London commodity Arbitration service, or so they say they are, they have informed me that the have a buyer for theFarm land that I bought in Ukraine, selling for £79.000 but they sat that the buyer has put this money in plus 10% to cover any costs should he fall out of the deal. He is also asking me to put in 10% (£7900) which will be fully refundable, the mans name is Hector Cromwell 07968 323437
    and also John Reynolds ans they both ring from 0203 477 3614. They cannot produce a contract until they have the monies paid from both sides, I suspect that this is a scam , can anyone tell me if they have had the same thing and the outcome, any information would be greatly appriciated.
    Thanks Richard Edwards 07968 321451

    • Tony Halliwell
      I have been approached this week by a James Redford from London Community Arbitration Service to find me a buyer for land which we bought 6 years ago from Burnhill Land Investments. This turned out to be a land bank scam and Burnhill went into compulsory liquidation in 2013.After 2 days LCAS are claiming to have a buyer for the land at a very attractive price and have mentioned a returnable advance payment plus a 2% commission to them but have not given actual figures, I suspect this is a scam and will be reporting it.

    • I have had the same experience with the London Commodity Arbitration Services in the Strand, London. They approached me a few weeks back saying that my details had been passed to them by Re10, the administrators for my investments in a company called Aston Lloyd that went bust in 2010. They produced a registration document of land in Ukraine in my name and told me that they have a buyer for it but that I need to pay 20% upfront of the purchase value as a security for completing the deal, with no contract in place, the guys name on the company letter is Peter Nicholls. The guy who called me was Andrew Kelly on 0203 477 3614. I asked for their lawyer to call me so I can check him out in the lawyers’ registry, so far he hasn’t called. This stinks a bit, I live in Dubai, UAE, and taking this to the UK Police may be difficult from here, if anyone else goes to the Police and finds out these characters are crooks then I would appreciate hearing the details.

    • I was also contacted by someone purporting to be from LONDON COMMODITIES ARBITRATION SERVICES… They sent me an email from an email server called ProtonMail that hides the identity of the sender, and asked me to call them back on 0203 477 3614 with any questions. No proposed deal involving upfront payments yet but no doubt it is coming if I can be bothered to keep entertaining them. This is regarding carbon credits I bought at an inflated price a few years ago.

  3. Just checked with Kerman & Co Solicitors, a company with whom The London Commodity Arbitration Services (LCAS) share an office at 200, The Strand, London. The lawyer, Michael Robinson, who runs the LCAS called me back and told me he had never heard of the individuals pretending to work for his company who called me, and that his company does not get involved in the purchase/sale of assets, only arbitration. So Andrew Kelly (salesman) and Hector Cromwell (lawyer) who called me from the ‘LCAS’ are bogus and fraudsters, BEWARE.

  4. Ive had calls from Andrew Kelly of London Commodity Arbitration Service telling me he can find a buyer for my Diamonds if I pay him £7,000.00 plus . What an idiot !

  5. Carbon Credits, Farmland, Diamonds and now Oil – They must be multitalented as they are now offering to sell my (near-worthless) oil shares for me. I await a request for me to supply them with a “deposit” (or whatever they are going to call it.

  6. I unwisely put £5000 into carbon credits but London Commodity Arbitration Service tell me it is worth £25,000 but I will need to put in a further deposit to recover it. I don’t plan to part with any more money at all

  7. Unfortunately, I too have fallen victim of the alleged London Commodity Arbitration Services. Although this company does exist, the company I dealt with who claim to be them are not. I have been dealing with a guy called Phillip Banks. Telephone number they use is 02034773614. They give their address as 200 The Strand in London. However, I have contacted this company and no one called Phillip Banks exists. Please do not part with any money if this company contacts you. They are conning innocent people and just getting away with it. Absolute scum in my eyes.

  8. I have purchased a Mini Bond in Diamond Construction Renewable’s, Seems that money has been miss appropriated. I have received Multiple calls from companies called Simplified Market Solutions and London Commodities Arbitration Services (LCAS) all offering to By the Bond from me at a further cost. Be aware I believe these are potential recovery fraud scams, As Simplified Market Solution. Do not exist at any of the address they give. The latest is LCAS, and the persons name is Quin., there is no number as it is not displayed

  9. I also purchased bonds in DCR series 2 and have received multiple calls from simplified marketing solutions offering to recover the money.

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