Paul Seakens and Luke Ryan have been convicted for orchestrating a ruthless scam involving the sale of worthless Voluntary Emission Reduction (VER) carbon credits. The duo used aggressive sales tactics to deceive vulnerable investors, promising substantial returns on credits that had no real market or chance of profit.
The pair sold VERs at mark-ups exceeding 1000%, leaving victims with no opportunity to recover their investments, even if a market had developed. Additionally, they ran “recovery room” scams, convincing victims to invest more money based on false promises of exit strategies.
Seakens, aged 60 from Enfield, and Ryan, aged 33 from Hampshire, were found guilty at Prospero House on 12 May 2021. Seakens also faces four counts of money laundering. Both are scheduled for sentencing at Southwark Crown Court on 28 May 2021.
The court heard that victims lost at least £368,000, although police estimates indicate total sales exceeded £2 million. Ryan used Seakens’ company, Carbon Neutral Investments (CNI), to launder the illicit proceeds. Overall, the fraud likely involved more than £30 million funnelled through Seakens’ companies.
Detectives revealed that the criminals spent their ill-gotten gains on luxury items such as sports cars, including a Bentley Continental GT, designer clothing, and other high-end goods. They exploited the trust placed in CNI, which was FCA-regulated at the time, making the scam appear legitimate to victims.
Detective Inspector Paul Curtis of City of London Police said, “This has been a complex and lengthy investigation. We believed from the start that these carbon credits were sold fraudulently, often targeting the vulnerable and elderly.”
Detective Inspector Andrew Symes of Hampshire Police added, “They preyed on victims nationwide, grossly inflating prices and dashing hopes of selling these worthless credits. We thank the brave victims who helped bring them to justice.”
Jane Mitchell from the Crown Prosecution Service stated, “Victims, many elderly and inexperienced, were cold-called and pressured into buying bogus investments. The credits were worthless and there was no chance to resell. Thank you to our police teams for exposing this cruel scam.”
The fraud began to unravel after a BBC undercover investigation exposed Ryan mis-selling VERs through their company Enviro Associates Ltd. Following the exposé, Seakens resigned as co-director but remained involved behind the scenes.
This devastating scam destroyed the life savings of many victims. Authorities are warning investors to be cautious of cold-call offers promising exceptionally high returns on complex “green” investments.
Originally published by UKNIP.
