Maximum Disqualification for Selling non-existent Carbon Credits
A Director has recently been disqualified by the Courts for the maximum 15 year period for mis-selling carbon credits despite having no access to the carbon credits market.
The Director claimed that his company was a member of 2 carbon credit trading registries, which wasn’t the case. The company accordingly had no ability to purchase carbon credits, as it claimed to have when engaging with and taking money from the public.
According to bank statements, the company received over £175k, the bulk of which was withdrawn from the company, which went into Liquidation owing over £63k to creditors.
Matthew Howat, Head of Howat Avraam Solicitors’ Director Disqualification team, comments: “The top Disqualification bracket of 10-15 years is primarily reserved for fraud and dishonesty offences. This Director elected to fight his case to Trial, either in the hope of successfully defending the allegations against him or possibly reducing the Disqualification period ordered. The 15 years Disqualification ordered by the Court reflects the Court’s view as to both the nature and the scale of the Director’s breach of the public’s trust”.