Carbon Credit Conmen Ripped Off Victims by Millions
Paul Seakens and Luke Ryan have been nailed for running a ruthless scam selling worthless Voluntary Emission Reduction (VER) carbon credits. They used high-pressure sales tactics to dupe vulnerable investors, promising big returns on credits with no real market or chance of profit.
Fake Investments Marked Up 1000%+
The pair sold VERs at outrageous mark-ups of over 1000%, leaving victims no chance to recoup their cash—even if a market ever emerged. They also pulled “recovery room” scams, tricking victims into sinking more money on false promises of exit strategies.
Guilty Verdicts and Massive Losses
Seakens, 60, from Enfield, and Ryan, 33, from Hampshire, were found guilty at Prospero House on 12 May 2021. Seakens also faces four counts of money laundering. They’re due for sentencing at Southwark Crown Court on 28 May 2021.
The court heard victims lost at least £368,000, but police figures suggest total sales topped £2 million. Ryan also used Seakens’ company Carbon Neutral Investments (CNI) to launder the illicit gains. Altogether, the fraud likely involved well over £30 million funnelled through Seakens’ companies.
Luxury Lifestyles Fueled by Fraud
Detectives revealed the crooks lavished their ill-gotten gains on sports cars, including a Bentley Continental GT, designer clothes, and luxury items. They exploited the trust in CNI, an FCA-regulated company at the time, making the scam seem legit to victims.
“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 Paul Curtis, City of London Police
“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.” – Detective Inspector Andrew Symes, Hampshire Police
“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.” – Jane Mitchell, Crown Prosecution Service
Seakens and Ryan’s Enviro Associates Ltd fell apart after a BBC undercover exposé caught Ryan mis-selling VERs. Seakens quit as co-director but stayed involved behind the scenes.
This devastating scam crushed the life savings of many. Authorities warn investors to be wary of cold-call offers promising sky-high returns on complex “green” investments.
