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Criminal Charges Announced Over Multi-Year Fraud Scheme in a Carbon Credits Market

This week the U.S. Attorney's Office for the Southern District of New York unsealed charges over a "scheme to commit fraud" in carbon markets, which they say fraudulently netted one company "tens of millions of dollars" worth of credits — which led to "securing an investment of over $100 milli...

MarketWatch reports: Ken Newcombe had spent years building a program to distribute more environmentally friendly cookstoves for free to rural communities in Africa and Southeast Asia. But when Newcombe tried to ramp up the program, federal prosecutors said in an indictment made public Wednesday, he quickly realized that the stoves wouldn't deliver the emissions savings he had promised investors. "The alleged actions of the defendants and their co-conspirators risked undermining the integrity of [the global market for carbon credits], which is an important part of the fight against climate change," said Damian Williams, the U.S. attorney for the Southern District of New York.

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