A total of 44 years worth of ban has been handed to the three former directors of Worldwide Commodity Partners Limited – a Carbon Credits investment scheme that was wound up back in may 2014.
The Official Receiver of the Public Interest Unit decided that Lee John Thompson, Andrew Micheal Spiteri and Stephen Michael Leary “should have known that the public would not benefit from investing in VERs” – Voluntary Emission Reduction carbon credits.
Carbon Credits and trading
Carbon Credit trading was supposed to do two things: Save the world from climate change as part of the Koyoto agreement and make investors money.
But by and large, the schemes have failed. “This company made bold, exaggerated claims about the financial advantages of buying carbon credits, but the truth is, the advantage was all in the companies failure”.
It is not known just how much investor money has been lost in Carbon Credits schemes in total, but Worldwide Commodity Partners alone was thought to involve around £3 Million.
Carbon Credits and SIPPs
Through our work here at Get Claims Advice, we are all too aware that many people invested their hard-earned pension funds in Carbon Credits without realising exactly what they were, or how their pension funds could be effected.
Many of this money was invested via SIPPs – Self Invested Personal Pensions on the advice of an IFA, which may have been negligent in some cases, exposing retail clients to uncomfortable levels of risk for which they could not afford.
If you’ve invested in Carbon Credits and have NOT yet had your advice checked for negligence, you can speak with the team at Get Claims Advice Ltd for a FREE initial assessment – it could be that you are owed money in compensation for negligent advice!