Crown Prosecution Service described it as a ‘particularly heinous scam’
A specialist London court has found Paul Seakens (60) and Luke Ryan (22) guilty of running a business for fraudulent purposes.
Seakens was also convicted of money laundering and proceeds of crime charges, according to the Crown Prosecution Service (CPS).
Sentencing will take place on 28 May.
1,000% mark up
The duo were directors of a company based in Winchester called Enviro Associates.
They sold voluntary emission reduction (VER) carbon credits to mostly vulnerable individuals via a boiler room operation.
The VERs were essentially worthless but sold at between 200-1,000% mark ups.
They were purchased via a London-based company owned by Seakens called CNI, for very small sums and then sold on.
AFL by Jon Ralph
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