Director of investment firm banned for 11 years for carbon credit scam

The director of an investment company has been disqualified for 11 years for selling unsuitable carbon credit investments. Darren Bartlett from Wealth Capital Limited (WCL) sold carbon credits on the basis they would increase […]

Register now!

By Jacqueline Echevarria

The director of an investment company has been disqualified for 11 years for selling unsuitable carbon credit investments.

Darren Bartlett from Wealth Capital Limited (WCL) sold carbon credits on the basis they would increase in value when they were inappropriate, according to the Insolvency Service.

Mr Bartlett cannot promote, manage or be a director of a limited company until 2027.

The decision follows an investigation by the Official Receiver at the Public Interest Unit, a specialist team of the Insolvency Service.

It stated between June and October 2012, WCL sold carbon credits to members of the public, charging around two and a half to nearly three times the price it had paid its supplier for them.

The company made total sales of £273,000 and achieved an estimated gross profit of at least £175,000.

Paul Titherington, Official Receiver in the Public Interest Unit said: “Mr Bartlett should have known that the carbon credits his company was selling were wholly unsuitable as an investment, particularly at the price his company charged. Anyone showing such blatant disregard for commercial morality should expect to be banned from running any limited company for a lengthy period time.”