Last week, City of London Police arrested six men as part of an investigation into a suspected “boiler room” based in London’s Square Mile and selling carbon credits.
On 20 September 2013, fraud squad detectives raided an office in the City of London and searched properties in the south east of England. The Police believe that the boiler room has raised about £1 million by cold calling. As with other similar operations, the boiler room has targeted elderly and vulnerable people.
The police have not yet released any information about the company involved, but hopefully this is a sign that the police and the regulatory authorities in the UK are stepping up a gear in clamping down on this scam.
In December 2012, detectives arrested 11 people suspected of being involved in fraudulent companies Hudson Forbes, CT Carbon and Burlington Energy Markets. Detective Inspector Matthew Bradford, of City of London Police, said,
“Carbon credits are designed for companies and small businesses to offset their carbon emissions, and definitely not for the individual investor looking to buy and sell. This week’s operation in the Square Mile and across the South East is evidence how the City of London Police will act quickly and decisively against anyone they suspect of using worthless investments to target people with false promises and impossible dreams.”
Fraud squad carbon credit arrests in the City
City of London Police, 20 September 2013
City of London Police detectives have arrested six men as part of an investigation into a suspected ‘boiler room’ operating from the Square Mile selling carbon credits.
It is believed that the boiler room has already accumulated approximately a million pounds from cold calling people across the UK. Using high pressurised sales tactics, carbons credits are sold for over inflated prices that are not capable of generating the returns promised.
The morning operation saw fraud squad detectives descend on a City office. Searches were later carried out in properties across the south east.
DI Teresa Russell, who is leading the investigation, said: “In 2013 the City of London Police has targeted a number of City offices housing what we believe are criminal operations intent on defrauding elderly and vulnerable people out of large sums of money, some of whom have parted with their life savings.
“We will take action against criminals involved in this type of scam, close down their operations, holding those responsible to account.”
The City of London Police advises people not to accept cold calls and always seek independent advice before committing to any financial investment.
Excellent news !
Pity they cant be sent after the AGT (Advanced Global Trading) crowd who fleeced millions from un-suspecting investors here in Dubai !
City of London operations can be targeted by the Police and about time too. I await further details with interest.
However, there are a number of overseas operations now offering exits. AGT is one (we have all read about that outfit) but I am aware of a Gibraltar operation called First Administration, which is a consultancy rather than a broker, or so they say and another based in Marbella.
Carbonex have disappeared (presumably with loads of cash). I do not see a co-ordinated Interpol action as likely to bring individuals to account, which is a shame.
Does anyone have any further details on which company offices they raided?
Perhaps the ball is finally rolling now, along with various heads.
Jon
Would you happen to have further details for First Administration? There is no Gibraltar company nor registered Business Name with such a name. Perhaps you can point us to a website or address? Thanks.
@FSC,
I have a few details:
Telephone: 0845 528 1353
Email: paul.kelly@firstadministration.com
Web: http://www.firstadministration.com
First Administration House
401 Ocean Heights,
Gibraltar.
Hope this helps.
Thanks Mark. No reference to Gibraltar there now, or on Whois record. Google’s cache of the Contact page suggests it was there, but nothing on its latest cache.
Ocean Heights http://www.heraldproperties.net/index.html is a residential building apart from its ground floor. 401 would be a flat. “First Administration House” is bogus. The 0845 is a UK number, as is the 203 one on the website.
These companies are still operating freely via sub outlets seemingly unrelated but run b y lower level stooges. Now also duping the unsuspecting public into fraudulent rare earth metal and diamond investments. Does any one have info on http://www.mulberrywynford.com and their two scam artist directors?
Friday 4th. July. Today I was contacted by Gemax Solutions who recommend 2 companies who will sell my carbon credits. I was later telephoned by Manor Trade
who said they would sell my VER credits by 14th.Sept.
but first they would have to be exchanged for CER credits which would cost me £2,340. I will be guaranteed a return of £12,589. The more I look at this the more it looks like a recovery room scam..BEWARE
I don’t understand why Carbon-experts who have scammed so many people are not raided by police and have stopped them carrying out business in other name–
In September last year I was approached by a company calling itself “Peter Jager Financial” with an impressive webpage, an apparent registration with the FCA and an address in the Gherkin. They were offering to sell my carbon credits to a Chinese company but the Chinese company insited that I would have to put up a sizeable bond to be held by “Peter Jager Financial” to guarantee that I transferred the credits and didn’t do a runner after receiving my money. All very tempting but a call to the Gherkin revealed no firm of that name in the building and nobody on the floor on which “Peter Jager Financials” said it was domiciled (actually the owners of the Gherkin who had full occupation of that floor) had ever heard of or seen them. My offer to place the “guarantee” money in escrow with a lawyer was turned down as “not being the way the Chinese liked to do business”. Peter Jager Financial looked to be a clone of an Austrian company and the FCA was informed.
@TomLeigh – Thanks for this. “Matt” left a comment about Peter Jager Financial in September 2014. You can read it here, followed by my response. You’re right, it was a scam.
The FCA’s warning about the company is here.