The man behind an investment company selling £270,000 worth of carbon credits has been disqualified as a director for 11 years.
Darren Bartlett of Southend on Sea, the sole director of Wealth Capital, sold the credits on the basis they would increase in value, bringing in profits of £175,000.
Between June and October 2012, Wealth Capital cold called members of the public, selling carbon credits at up to three times the value paid.
However, authorities found that there was no viable exit strategy for such investments, and also noted the price Wealth Capital charged for credits meant they could not be sold without financial loss.
Following an investigation into the scheme, Wealth Capital was one of 13 companies forced into liquidation by The Insolvency Service in May 2014, with Bartlett finally handed his disqualification last week.
Official receiver in the Public Interest Unit Paul Titherington says: “Bartlett should have known 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.”