Romford man who ran carbon credits scam disqualified from running any business for 15 years

PUBLISHED: 12:00 11 October 2018

File photo dated 10/04/15 of air pollution over London. Picture: Nick Ansell/PA

File photo dated 10/04/15 of air pollution over London. Picture: Nick Ansell/PA

PA Wire/PA Images

A Romford man who ran a carbon credits investment scam has been banned from directing any companies in the UK for the maximum 15 years.

The Insolvency Service’s disqualification order on 48-year-old Harvey Edwin Bennett came into effect on October 8. His last known address is Cross Road, Romford.

From June 5 2013 to December 4 2014, Mr Bennett was director of Evolution Trade Services, which was involved in selling Certified Emission Reduction (CERs) carbon credits, which are government permits allowing an individual or business to release pollutants into the atmosphere.

These were pitched to customers as an investment opportunity, on the basis that the CERs would increase in value and could be sold for a profit in the future.

This was not possible, and in fact the rate at which the company was selling carbon credits to its customers involved a mark up of 132pc.

Credits the company bought for an average cost of £1.06 were sold on to investors at £2.46.

The Insolvency Service also found Mr Bennett accepted £51,000 from a customer in respect to Santo Montana LLP which was involved in a gold mine investment scheme which failed to have any underlying investment asset or any prospect of success.

Santo Montana LLP was put into compulsory liquidation on August 17 2016 with losses to the public of at least £388,000.

All those involved in the venture who were interviewed by Insolvency Service investigators were unable to prove any goldmine or other asset ever existed.

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