Page 95 - Carbon Frauds and Corruption
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Corruption of Bribery
Chapter 6 : Corruption in the “Carbon World”
credits. Most schemes are nuts and will do nothing to save the planet: even assuming it needs
saving.
The “Carbon World” is the perfect scam, because the results are so long term and few of those now living and
parting with their hard earned cash will be alive when the truth emerges
A current advertisement reads "make your investment green, safe and environmentally friendly. Is your portfolio
generating less than 25% pa.? If so fix that now “
In July 2011 criminals, headed by George Abrue, 30, a Nigerian conman, working for Biofuel Solutions
Corporation were convicted of defrauding British investors of £20 million in an eco‐fraud based in Palma, Majorca
The “Carbon World” is a dream come true for scammers and although many are criminal
opportunists there are others who have infiltrated established financial and advisory markets –
appear legitimate ‐ and must be taken seriously. The fact that governments have done nothing
to regulate carbon scammers is a disgrace. The lack of interest results from the “noble cause”
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zeal to avoid unsettling investors. Remember the idiotic phrase “what you don’t know can’t
hurt you”
Many classic scamming symptoms are evident in the “Carbon World”;
Promises of windfall profits or avoidance of catastrophic consequences
Unjustified urgency for immediate action
Reliance on dodgy dossiers or false and inconsistent evidence
Seizure of the moral high ground
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One carbon offset provider has taken “hazing ” to the limit. If you want to invest in one of its schemes you have
to complete a 15 page due diligence questionnaire that is modelled on the CIA pre‐employment screening
template. This is necessary, so they say, to make sure you are as ethically committed as they are. It is of course a
“scam” that “hazes” applicants into believing they are specially privileged: much like the Madoff case.
Carbon scams are not covered by the Financial Services Compensation Scheme, the Financial
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Ombudsman Service or regulated by the Financial Services Authority and two worrying trends
are emerging. The first is the role of Independent Financial Advisers in recommending and cross‐
referring dodgy carbon schemes, usually in return for excessive commissions. The second is the
infiltration of the market by “boiler rooms”. However, these will fade into the background when
carbon pyramid schemes start to hit the streets, as they will.
122 See page xx
123 See page xx
124 Although they it does recognise and regulate collective schemes and certain types of exchange contracts
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