The Financial Conduct Authority is asking anyone who was scammed by African Land or Capital Carbon Credits to complete a questionnaire and send documents to the FCA by 31 March 2019.
Capital Alternatives Limited was part of a network of scam companies that offered “investments” to the general public including a rice farm in Sierra Leone, and carbon credits from projects in Sierra Leone, Brazil, and Australia. Last week, the High Court in London found that these “investments” were illegal collective investment schemes.
In October 2014, REDD-Monitor wrote about Sterling and Bond, Voiptel International, and Velvet Assets. The companies were part of the Capital Alternatives network. The post received more than one hundred comments, some of which named the individuals involved in these and other related companies.
The Court of Appeal has upheld a February 2014 High Court ruling in which the Financial Conduct Authority won their case against Capital Alternatives and other firms. The FCA accused the firms of “promoting and/or operating collective investment schemes (CISs) in the UK illegally and without our authorisation”.
“It was the generally accepted way for brokerage firms under regulatory heat to stay one step ahead — essentially, closing down and reopening under a different name, thereby starting the process of making money and fighting the regulators all over again. It was like stepping on a cockroach and squashing it, only to find ten…