Thursday 21 April 2016

Director disqualified for selling carbon credits

Director disqualified for selling carbon credits

The director of a commodities company has been disqualified for selling carbon credits as investments.

James Michael Cable from London-based firm Beta Commodities cannot promote, manage or be a director for 14 years.

Between April and October 2012, his firm sold £681,000 worth of Voluntary Emission Reductions (VERs), a type of carbon credit, to members of the public and charged them two to five times the price it paid its supplier.

Paul Titherington, Official Receiver in the Public Interest Unit said: "Mr Cable should have known that the carbon credits the company was selling were wholly unsuitable as an investment given the price the company charged and the absence of a marketplace where investors could sell their carbon credits.

"As a result of this investigation, the marketplace has been protected from Mr Cable who has been banned from acting as a director for a substantial period of time."

Written by

Bruna Pinhoni

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