In April 2016, REDD-Monitor wrote a post featuring a series of emails that ouline how a pensioner called Miriam was scammed into handing over £23,000 for carbon credits, which the scammers claimed were an investment. Ten days ago, Miriam sent REDD-Monitor some more emails. This post features these new emails.
Thanks for reading REDD-Monitor! Subscribe to receive new posts and support my work.
The story is pretty much self explanatory from the emails. 360 Invest Group convinced Miriam to buy the carbon credits. Miriam created an account with Carbon-ex. Payments went to Colemans-CTTS, a firm of solicitors with offices in Kingston upon Thames, Surrey, Manchester and London.
Once Miriam had been conned into making a first “investment”, 360 Invest Group continued the scam, contacting her regularly with more “investment opportunities”.
In December 2010, Mark Ward, Senior Portfolio Manager at 360 Invest Group sent Miriam a corporate brochure:
From: Mark Ward mward@360investgroup.com Date: 14 December 2010 Subject: Introduction to 360 Invest Group To: Miriam Dear Miriam, Please see the attached file which will enable you to look at our corporate brochure as promised. Kind Regards
Then, in February 2011, Ward decided to show off his knowledge of the Kyoto Protocol. His email includes a link to Carbon Trust, a genuine company, and another to the UNFCCC website. Of course, Ward doesn’t mention that carbon credits are not a suitable investment for individuals. He gives no information about voluntary carbon markets, or the fact that there is no secondary market, meaning that there is in effect no way of reselling carbon credits. The carbon credits he was selling were worthless.
From: Mark Ward mward@360investgroup.com Date: 1 February 2011 Subject: The Kyoto Protocol / UNFCCC To: Miriam
Dear Miriam,
The Kyoto Protocol set legally-binding targets for developed countries to reduce greenhouse gas (GHG) emissions. It also provided flexible mechanisms to stimulate investment in developing countries.
The Protocol’s targets for reducing greenhouse gas (GHG) emissions in developed countries amount to a 5% reduction from 1990 levels, to be met over the five-year period 2008-2012. They place a higher burden on developed countries because they have historically been responsible for most of the greenhouse gas (GHG) emissions in the atmosphere.
How it works
Developed countries must meet their targets primarily through national measures. In addition, they can use three market-based mechanisms:
• Emissions trading Creates a ‘Carbon market’ that provides economic incentives for achieving reductions in greenhouse gas emissions. Caps are set for the period from 2008-12 for each developed country in line with their reduction targets. As well as making domestic emissions reductions, countries can trade Assigned Amount Unit (AAU) allowances – each representing one tonne of emissions – to achieve their cap.
• Clean Development Mechanism (CDM) Developed countries may also invest in or purchase Certified Emissions Reduction credits (CERs) from projects that reduce emissions in developing countries. This offers an alternative to more expensive emission reductions in their own countries.
• Joint Implementation (JI) Developed countries can invest in emission reduction projects in any other developed country as an alternative to reducing emissions domestically. This creates tradable allowances called ERUs.
Under the Kyoto Protocol, countries’ actual emissions have to be monitored and precise records have to be kept of any trades.
There is also an Adaptation Fund to help developing countries (that are Parties to the Protocol) to adapt to the adverse effects of climate change. The Fund is financed mainly through a 2% levy on the proceeds of Clean Development Mechanism (CDM) project activities.
By the end of 2012, a new international ratified framework is needed to deliver the large emission reductions that the Intergovernmental Panel on Climate Change (IPCC) says are necessary.
Background
The Protocol is linked to the United Nations Framework Convention on Climate Change (UNFCC) – but the major difference is that Protocol commits countries to action, where the Convention did not.
The Kyoto Protocol became legally-binding on 16 February 2005, after more than 55 Parties to the Convention had ratified the Protocol (including countries responsible for at least 55% of industrialised countries CO2 emissions in 1990). 184 Parties of the Convention have ratified the Kyoto Protocol to date. For news on the Kyoto Protocol, visit the UNFCCC website.
Kind Regards
A carbon trading account with 360 Invest Group, and Carbonex as carbon credit broker
Having scammed Miriam into buying carbon credits, Ward contacts her with details of her carbon trading account. Which was little more than a smokescreen to convince Miriam, and the other people who were scammed, that they had handed over their money for something worth investing in.
From: Mark Ward mward@360investgroup.com Date: 16 March 2011 Subject: On line carbon trading account application. To: Miriam Dear Miriam, Thank you for choosing the 360 Invest Group for your carbon investment. To open your trading account simply click on the link below, complete the necessary fields & I will action your instruction to the exchange once you have clicked on the submit button. The terms of business are also represented on the application page for your information. http://www.360investgroup.com/carbon_credits_trading_account.php Warmest regards,
Olga Gille, Head of Client Services at Carbonex sent a confirmation of Miriam’s carbon credit order and a contract:
From: Olga Gille olga.gille@carbon-ex.de Date: 17 March 2011 Subject: Carbon-ex: Order Confirmation To: Miriam Cc: compliance@360investgroup.com Dear Miriam Welcome to Carbonex! Thank you for choosing to use Carbonex as your carbon credit broker. Please find attached a confirmation of your credit order which will be processed within 48 hours (subject to regulatory checks). You will then receive a contract note for your records detailing the proof of ownership of the specified credits. We recommend you save this email and print out the order confirmation and the following contract note for your records. Once again thank you for choosing Carbonex and we wish you every success with your carbon trading Kind Regards, Olga Gille Head of Client Services Carbonex GMBH 7th Floor Kurfurstendamm 21 10719 Berlin Tel. 0845 519 6142 International. +49 (0)308 8706 2242 Website. www.carbon-ex.co.uk Email. olga.gille@carbon-ex.de Company Registration No: B 89135 This email and any files transmitted with it are intended for the named recipient only and are confidential. No other person should place any reliance upon it. The recipient acknowledges that transmissions made via the Internet can be corrupted and therefore Carbon-Ex and its subsidiaries do not give any warranty as to the quality or accuracy of any information contained in this message nor can it assume any liability for the content or for its transmission, reception or storage.
Miriam had a couple of problems with signing the contract. Olivia Jones at Colemans-CTTS helped her find the right place to sign.
From: Olivia Jones Olivia.Jones@colemans-ctts.co.uk Date: 17 March 2011 Subject: RE: 1252061//Carbonex To: Miriam Dear Miriam, Please find attached documents for your consideration. Yours faithfully Colemans-ctts
From: Miriam Sent: 19 March 2011 To: Olivia Jones Subject: RE: 1252061//Carbonex please find attached contract dully signed Regards Miriam
From: Olivia Jones Olivia.Jones@colemans-ctts.co.uk Date: 21 March 2011 Subject: RE: 1252061//Carbonex To: Miriam Thank you for your e-mail, unfortunately we can not accept the attached as the signature has been typed. We actually require you to sign the document. Many thanks Olivia
From: Miriam Sent: 22 March 2011 To: Olivia Jones Subject: RE: 1252061//Carbonex Please accept my signature in the contest of Carbonex CONTRACT-4 DOC regards Miriam
From: Olivia Jones Olivia.Jones@colemans-ctts.co.uk Sent: 22 March 2011 Subject: RE: 1252061//Carbonex To: Miriam Thank you for your e-mail. The signature needs to be on the contract not separate. Please sign on the bottom of page 2 of the agreement. Many thanks Olivia
From: Miriam Sent: 22 March 2011 To: Olivia Jones Subject: RE: 1252061//Carbonex Will try again thanks Miriam
From: Olivia Jones Olivia.Jones@colemans-ctts.co.uk Sent: 22 March 2011 Subject: RE: 1252061//Carbonex To: Miriam Great, that’s perfect. Kind Regards Olivia
From: Miriam Sent: 29 March 2011 To: Olivia Jones Subject: RE: 1252061//Carbonex Dear Olivia could you confirm receipt for the 2 cheques as soon as they arrive by post?thanks Miriam
From: Olivia Jones Olivia.Jones@colemans-ctts.co.uk Date: 29 March 2011 Subject: RE: 1252061//Carbonex To: Miriam Thank you for your e-mail. Yes I will e-mail you as soon as the cheques arrive. Kind Regards Olivia
From: Olivia Jones Date: 31 March 2011 Subject: Ref : 1234222 To: Miriam Dear Miriam, I confirm safe receipt of the cheques that were sent to Barclays Bank. Kind Regards Olivia
More scams from 360 Invest Group
A couple of days after Miriam sent a cheque for this so-called “investment”, 360 Invest Group sent details of other dodgy investments: “tax free, GUARANTEED income with underlying capital growth in excess of 252%”.
From: 360invest Date: 31 March 2011 at 15:47 Subject: alternative investment guide 2011 To: Miriam Green or sustainable investments are a rapidly growing area of interest among savvy investors, with annual returns of between 15% to 30% its clear to see why. With a vast choice of products and different asset classes available, newcomers to this highly lucrative sector find themselves often confused. So, out of sustained demand from the investment community 360 Invest group have published the best, clear and concise research guide to Alternative Investments. Among other things, our guide explains:
• What Alternative Investments are and the different asset classes available
• To explain how to safely invest whilst maximising your returns from sectors such as Timber, Agricultural land, Bio fuels and other ethical investments.
• How these investments work and how the most profitable returns are actually achieved.
• How to use your UK Government Self Invested Personal Pension (SIPP) to gain 100% tax free income.
• 5 of the best ethical and sippable investment products
This is a unique opportunity for potential investors to begin understanding the most talked about investment sector since the dot.com boom. Already with institutional and corporate money flooding into this sector, the signs to an emerging market ‘gold mine’ are obvious to see. From as little as a £5000 investment clients are enjoying a tax free, GUARANTEED income with underlying capital growth in excess of 252%. Also with tailored exit strategies of 1, 3 and 5 years, there is something for everyone. Click here for your free guide! 360investgroup 45 beech Street London www.360investgroup.com
And a few days later Miriam received another email from 360 Invest Group: “Click here to earn £63,000”.
From: 360invest Date: 8 April 2011 Subject: pre-launch eco investment opportunity with excellent returns To: Miriam Invest in a plantation of the world’s fastest growing and most environmentally sustainable form of timber; Bamboo. Vast and growing demand for this commodity means you will enjoy exceptional returns from year one (guaranteed) which in total will see your investment grow by a forecast 850%.
Increased ROI for larger investments
Secure land lease from US Company
Experienced management team, rewarded on performance
An element of the returns guaranteed
Twice the land, plants & returns of competitor investments
Click here to earn £63,000 Click to receive more information The global timber market exceeds $600bn and is growing rapidly. However supply is dwindling due to unsustainable management. Bamboo grows over 20 times faster than hardwoods and can be sustainably harvested. Everything made from wood can be made from bamboo, often at better quality. It can also be used as clothing, fuel and food. Demand for Bamboo is growing rapidly and is set to explode. 360 Invest Group 360 Invest Group Centralpoint, 45 Beech Street, EC2Y 8AD, London Tel: 0203 384 5933 Lo Call: 0843 330 7382 Email: info@360investgroup.com
360 Invest Group didn’t stop sending their scam emails even when Miriam went on holiday.
From: Mark Ward mward@360investgroup.com Sent: 15 April 2011 Subject: Are you contactable. To: Miriam Dear Miriam, I do not know if you have access to your email whilst on holiday, if you do, would you forward a contact telephone number to reach you on as I have sent my clients some important news regarding carbon and would value an opportunity to give you the update. Thanks & best regards, Mark.
From: Miriam Date: 15 April 2011 Subject: Re: Are you contactable. To: Mark Ward mward@360investgroup.com Hello Mark,I do indeed have access to internet Regards M
From: Nick Taylor ntaylor@360propertyinvest.com Date: 15 April 2011 Subject: RE: Carbon Update To: Miriam Dear Miriam, My name is Nick Taylor, I am the CTO at 360 Invest Group. I hope you are well and enjoying your time in XXXX (Mark tells me you are there!). I have just returned from a huge summit on Carbon Trading and have excellent news for you. Your Credits are currently valued at 6.45GBP and show every sign of continuing to rise, and fast. If ever there was the ´perfect time´ to buy, it is now. My question is this- are you still in the market for new projects that´ll show exceptional % yields? If so, I have a very strong position coming up next week… Let me know if you would like to know more please. Kind Regards, Nick Nick Taylor Chief Trading Officer 360 Invest Group UK Local: 0843 330 7382 London: 0203 3845 933 ( Ext. 1004 ) Email:ntaylor@360propertyinvest.com Email:ntaylor@360investgroup.com Website: www.360investgroup.com
From: Nick Taylor ntaylor@360propertyinvest.com Date: 16 April 2011 Subject: RE: Thai Project To: Miriam Miriam, See attached… The entry price is 4.76GBP and may I remind you, we fully expect to hit double figures with this one! Act fast, trust me! Regards, Nick Nick Taylor Chief Trading Officer 360 Invest Group UK Local: 0843 330 7382 London: 0203 3845 933 ( Ext. 1004 ) Email:ntaylor@360propertyinvest.com Email:ntaylor@360investgroup.com Website: www.360investgroup.com
The brochure that Nick Taylor attached to the email was not produced by 360 Invest Group. It was produced by a company called Climate Friendly that sells carbon credits to businesses to offset their greenhouse gas emissions. Climate Friendly’s brochure describes a project by Siam Cement in Thailand. The company uses biomass instead of fossil fuels to power five of its cement plants and sells carbon credits generated by the reduction in emissions.
Siam Cement’s project generated real, certified carbon credits. But 360 Invest Group was selling them at an inflated price and there was no possibility of re-selling them.
Of course, none of this is to suggest that Climate Friendly and Siam Cement have any link with 360 Invest Group’s scam. I’m sure they were blissfully unaware that pensioners in the UK were being scammed into buying these carbon credits as investments.
The Recovery Room scam
By August 2011, Nick was working a new scam. The recovery room scam – 360 Invest Group will find someone to buy your carbon credits. But only if you hand over even more money.
From: Nick Taylor ntaylor@360propertyinvest.com Date: 30 August 2011 Subject: To: Miriam Hi Miriam, I hope you are well. I see that you responded to a recent mailshot that we sent out… Does this mean you are still looking to invest in new Projects with good % returns? Please let me know, I have some new ideas coming up in the next few weeks. Regards, Nick
From: Miriam Sent: 30 August 2011 To: Nick Taylor Subject: Re: I am considering .Can you send more details in re:that managed fund you recently advertised?what does it mean 10%fixed return ,and for how long ?M
From: Nick Taylor ntaylor@360investgroup.com Date: 30 August 2011 Subject: Re: To: Miriam That is something we are looking at for future investing that´ll take on Carbon investments that our clients hold. What we are still focusing on is Carbon given that prices are still on the rise and will not slow down til 2013-2014 by which time we will have sold out. How much could you raise in the next 2-3 weeks? I have something that will yield 45-50% over the next 12-18 months. Nick
From: Miriam Sent: 30 August 2011 To: Nick Taylor Subject: Re: JUST ABOUT 5K Regards M
From: Nick Taylor ntaylor@360investgroup.com Date: 30 August 2011 Subject: Re: To: Miriam Right so if I can get you 1,500 @ 3.65 could you take it? I will allow 2 weeks for you to make the payment if so… Let me know ASAP as it´s nearly all sold! Nick
From: Miriam Sent: 30 August 2011 To: Nick Taylor Subject: Re: Before I say yes can you repeat what is the project about,please?M
From: Nick Taylor ntaylor@360investgroup.com Date: 30 August 2011 Subject: Re: To: Miriam See attached… Try and buy more than 1,500 as we should be offered in excess of 7.00++ on this investment. Regards, Nick
From: Miriam Sent: 30 August 2011 To: Nick Taylor Subject: Re: yes,I am interested,Will be able to buy 1,500 .I have no more disposable cash Regards M
From: Nick Taylor ntaylor@360investgroup.com Date: 31 August 2011 Subject: RE: To: Miriam Excellent! I shall arrange 1,500 @ 3.65 right away for you. Regards, Nick
By February 2012, Miriam was getting worried that she hadn’t heard anything from Mark Ward about her investment in carbon credits.
From: Miriam Date: 16 February 2012 Subject: Re: The Kyoto Protocol / UNFCCC To: Mark Ward mward@360investgroup.com Hello Mark, a year passed since my investment and I did not receive any update from you.I would be grateful if you could advise incl the right time for exit Thank you Miriam
She also wrote to Colemans-CTTS and to Nick Taylor. She received a reply from Kevin Hart, the new Chief Trading Officer at 360 Invest Group. Hart told Miriam that Nick Taylor had moved to the USA.
Miriam has not sold any of her carbon credits. She asked REDD-Monitor to publish her emails to “help others not to make the same mistake”.
Thanks for reading REDD-Monitor! Subscribe to receive new posts and support my work.
The comments posted on REDD-Monitor.org following this post, can be viewed here:
https://archive.ph/Nw2sd#selection-2169.1-2169.12