Surprise: Pioneer In Carbon Offsets Charged With Massive Fraud

Seriously, the entire thing is a scam, and, this guy proved it

Carbon Offset Pioneer Charged With $100 Million Fraud Scheme

A pioneer in developing carbon offsets was accused by federal prosecutors of faking emissions-reduction data as part of a scheme to obtain millions of carbon credits and secure more than $100 million in investment.

Former C-Quest Capital LLC Chief Executive Officer Kenneth Newcombe, who stepped down as CEO in February, was indicted Wednesday in New York on wire fraud and commodities fraud charges. He faces up to 20 years in prison if convicted on the most serious charges.

C-Quest develops emission-reduction projects to earn carbon credits that can then be sold to companies or other entities that wish to offset their own emissions. Newcombe, a onetime Goldman Sachs Group Inc. managing director and World Bank official, founded C-Quest in 2008. (snip)

Prosecutors claim Newcombe and other C-Quest employees manipulated data to make it seem that certain of the firm’s projects were more successful than they actually were. Many of its projects involved providing cooking stoves in African and Asian countries that were touted as lowering emissions. Newcombe allegedly sought aggressive growth in these projects but also covered up data showing they reduced emissions by a lower amount than anticipated.

Who’s surprised? The whole thing is a scam. We hear all the time about no one really knowing what happens with the money when they buy carbon credits/offsets. Are they really planting trees? Really making a difference? Or, living high on the hog with money from climate cult dupes? It sounds like all those in Scientology who are forced to buy more and more expensive books to move up. It looks like this scam was beyond even what the government can ignore.

Or, maybe Newcombe and the other employees who were busted (Tridip Goswami is in India, and will be in trouble, and former Chief Operating Officer Jason Steele has plead guilty and will work with the government) made the mistake of crossing the wrong people in the government and we’ve seen how that works under the Biden-Harris regime.

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