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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
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Experience:  Active member of the NYS bar since 1989
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Mapletree capital tell me that they can sell my carbon credits

Customer Question

mapletree capital tell me that they can sell my carbon credits but need a returnable security deposit before proceeding. Is this a con?
Submitted: 9 months ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 9 months ago.
Hello, Yes, this sounds like a scam. If you're the one selling, you should be making money from the deal and not paying anything up front in order to have to sell your credits. The up front fee is the #1 sign of a boiler room investment fraud, and a so-called returnable security deposit is only as reliable as the company that promises to return it. We have received a great many inquiries over the last couple of years from people in the UK scammed by carbon credit frauds. We get less of them now than we used to because carbon trading these days is in heavy disrepute. The whole enterprise is a hotbed of fraud and people tend to know that.One problem is that while there's a movement to bring carbon credit trading under the auspices of the international securities and exchanges commissions, to date that has not yet been accomplished. So carbon credit deals are entirely unregulated. Another is that the value of such credits is pretty debatable. There is so much carbon trading and so much unreliable out of the country verification that it's difficult to know whether one's credits are worth anything or nothing at all.Some legitimate carbon credit trading firms who see the writing on the wall have registered with your FCA, and that would be a very good sign of their reliablility. But with others, It is characteristic of disingenuous companies to lure investors with promises of profits and then to simply fold up and disappear with their money. We have seen it happen here many times. Your FCA's Register has no financial firm called Mapletree Capital registered in the UK.If you want, you can reply here on this question thread, give me the website for the company and I can try to find out more for you. But if they made unsolicited contact with you, offer to sell your credits at an attractive rate but need you to pay them up front, this is the hallmark of an investment fraud.You might want to look at this article from the UK's Financial Conduct Authority on carbon trading, it's pitfalls and how to evaluate a carbon trading firm. (see link).For all of the above reasons, I do not recommend dealing with this company.
Expert:  Zoey, JD replied 9 months ago.
Oops. Left out the link to your FCA's warning. Here it is.

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