Two Carbon Credit Crooks Convicted in £1.8 Million Scam
Paul Seakens, 60, and Luke Ryan, 33, have been found guilty of running a ruthless scam selling worthless Voluntary Emission Reduction (VER) carbon credits. Using high-pressure sales tactics, they duped vulnerable investors into buying VERs touted as “promising investments” — but the credits had no real market and no hope of making a profit.
Massive Mark-Ups & “Recovery Room” Racket
The scammers sold VERs at mark-ups of over 1000%, unknown to buyers, making it almost impossible to recoup any losses. When victims tried to escape, they were snared in “recovery room” scams, forced to buy more worthless VERs or pay for bogus exit strategies to “make their portfolio look attractive.”
Lavish Lifestyles Fueled by Investor Cash
Seakens and Ryan pocketed millions through their firms Enviro Associates Ltd and Carbon Neutral Investments (CNI). Evidence seized showed around £2 million in VER sales, with victims losing at least £368,428.94. Yet bank records revealed over £30 million passing through their accounts. They blew the loot on luxury sports cars like Bentleys and designer gear.
Trial Reveals Cold-Calling Con Artists
Detective Inspector Paul Curtis, City of London Police, said: “These carbon credits were sold fraudulently, often through cold calls to the vulnerable and elderly. Purchasers were misled about profitability. We are glad the jury convicted these greedy criminals beyond reasonable doubt.”
Detective Inspector Andrew Symes from Hampshire Constabulary added: “They caused immense loss over years, preying on the most vulnerable. Justice has now been served thanks to brave victims who stood firm.”
Prosecutor Jane Mitchell slammed the pair: “This hideous scam targeted elderly, inexperienced investors, pressuring them into worthless products. Thanks to City of London and Hampshire Police, we proved Seakens and Ryan exploited victims for selfish gain.”
Sentencing Set for 28 May at Southwark Crown Court
The pair will be sentenced on Friday, 28 May 2021. Seakens faces additional charges of money laundering linked to a vast network of rogue VER brokers. The case shines a spotlight on the dark side of carbon credit investing and a chilling warning for investors to stay vigilant.
