Carbonex

[mikest]

Have you bought carbon credits through Carbonex or a broker which uses them and been promised (verbally or in writing) an exit plan which has turned out to be hot air?

Legally this is misrepresentation. It doesn't matter if the trade was through a broker as the contract is with Carbonex so they have liability under the agency principle.

Carbonex try and refer you to the small-print in the contract which states that Representations do not consititute (contact terms) so cannot be relies upon. However the Unfair Terms in Consumer Contracts Regulations renders this, almost certainly, illegitimate and so and invalid defence. That being the case the contract can me rendered void by the Misrepresentation and you can get your money back (plus interest but probably not damages).

Problem is the legal process is long and costly.

But if you have a similar problem, please post, as a class action minimises costs and risks. I have a solicitor involved but it is painful and costly

 

[lstjason007]

Hi Mikest, i bought 3000 VCS credits with the promise of selling on the year after, it is now the year after and carbonex are telling me the credits are virtually worthless and i will struggle to sell them on, But ! they can up grade them to GCER credits if i pay them another £2.50 per credit and these will definatly be able to be sold before the end of this year.
Yours Jason

 

[mikest]

Hi Mikest, i bought 3000 VCS credits with the promise of selling on the year after, it is now the year after and carbonex are telling me the credits are virtually worthless and i will struggle to sell them on, But ! they can up grade them to GCER credits if i pay them another £2.50 per credit and these will definatly be able to be sold before the end of this year.
Yours Jason

Hi Jason. That seems to be what they offering all clients who bought VCS credits. No chance I'm giving them more money on the basis of another promise.

 

[pboyles]

Hi Mikest, i bought 3000 VCS credits with the promise of selling on the year after, it is now the year after and carbonex are telling me the credits are virtually worthless and i will struggle to sell them on, But ! they can up grade them to GCER credits if i pay them another £2.50 per credit and these will definatly be able to be sold before the end of this year.
Yours Jason

...and when you give them the money they will find an excuse to ask you for more. Its just like any investment scam, once they have you hooked they will try to bleed you dry.

 

[mikest]

I have not given up hope of finding a way to sell my credits - but am wary of any company that tells me I have to buy more to bceome a client. Carbonex gave me a specific exit plan with a date and a price in writing - which is why I am sueing them.

 

[fast trader7]

Hello
Same here. Bought a lot of CRT's from a broker which uses Carbonex. Cannot sell and broker promised me to sell in feb. illiquid market.

Any suggestions

 

[mikest]

Send me a private message. I've formed a group of over 40 looking to take concerted action against the scammers

 

[Rroyce]

Send me a private message. I've formed a group of over 40 looking to take concerted action against the scammers

Please include me in any class action you plan against carbon-ex.

 

[PualoP]

Oh man, I never new people actually fell for this kind of crap. Did a guy cold call you and then you actually handed over REAL money!?!

 

[pboyles]

Carbon credits = scam,

http://www.bbc.co.uk/news/business-24828797

 

[mikest]

The BBC article underestimates the size if the scam. By my research its probably between £250million and £500million. MH Carbon took over £18million and Eco Global Markets over £8million and they are only two of very many.

So the Insolvency service has closed down 19 of them. So what. Where are the prosecutions for fraud.