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.
Two points: 1. We agree that a big-shot being charged with a crime is as good as a conviction! These rich men who cheat hard-working citizens out of millions with their schemes deserve to be shot!
2. Kudos to the Harris/Biden administration for going after these crooks.
Sorry, child, nothing in that quoted section says that.
I wonder who they p%&@#(* off to get denounced by the Green Queens?
We do not agree that a big-shot being charged with a crime is as good as a conviction. That’s how commies operate. We have a little thing called “innocent until proven guilty. You can keep us out of your kangaroo trial nonsense.
Newcombe was involved in all sorts of money and “environmental” schemes and a huge supporter of the Democrat party. His sticky fingers were in C-Quest Capital, Goldman Sachs, Climate Change Capital, worked at the World Bank, CEO of New Guinea Power Utility and head of PNG. Big Democrat supporter and got government funding from his connections. A billionaire Democrat bundler and anti Trump promoter may face 20 years.
Nonetheless this crooked leftist still deserves a fair trial which is more than these commies have granted Trump and his supporters thus far.
My guess is he’ll appear in a cabinet post if Cameltoe cheats her way to the top.
CarolAnn,
Pleased to hear it! Mr Teach was really just letting fly at global warming, he cares little about big-wigs fleecing their flocks.
Do you have evidence that Kenneth Newcombe was “a huge supporter of the Democrat (sic) party”?His last reported donation was $100 to Katie McGinty (D) running for PA Governor in 2014. Or for any of your claims?
I keep seeing conservatives mentioning Cameltoe. According to the slang dictioary is means “Camel toe, or cameltoe, is slang for when the outline of a woman’s labia majora is seen in tightly fitting clothes. Here’s picture of a cameltoe.
It’s doubtful that a President Harris would appoint a convicted felon to the cabinet. Mr Trump probably isn’t as prejudiced against felons as Ms Harris. Since Trump is one.
Um… wire fraud and commodities fraud
Sound familiar, Rimjob?
Be afraid, very very afraid.
All of these carbon offsets, carbon sequestration, and carbon credits concepts are designed for one purpose, and one purpose only: to mine the taxpayer dollars made available by ignorant congressmen and members of the Administration’s agencies who want to brag that they “did something” about a fictitious crisis.
It’s no surprise that these endeavors are rife with corruption. The endeavors themselves are fraudulent.
It was 2003, and a carbon offset salesman came and made a presentation to the concrete company at which I worked. Ready-mixed concrete producers use pozzolans, materials which are not cementitious alone but when mixed with Portland cement utilize the excess calcium hydroxide to become cementitious. We use them because they are less expensive than cement. The two most frequently used are flyash, which is harvested from the ignition byproducts of burning coal in power plants, and ground granulated blast furnace slag, the material left over from the smelting of iron ore.
The manufacture of Portland cement is a major CO2 emitter, so by the substitution of flyash, ready-mix companies reduce their carbon footprint. The salesmen told us that we could gain carbon credits every time we used flyash instead of cement, and that we could sell those carbon credits to other companies, to make it look like they were doing something to help fight
global warmingclimate change, but, since it wouldn’t have changed how we did business — other than requiring some bookkeeping — it wouldn’t have reduced CO2 emissions at all! It was simply a way to take money from one CO2 emitter and give it to a company which emitted less CO2; virtue signaling for the first, without having to actually spend money to reduce their emissions, and extra money for us, for doing what was already in our own economic interest.Is anyone really surprised that fraud would be involved?
[…] good friend and occasional blog pinch-hitter, William Teach of The Pirate’s Cove, has an article this Friday morning on the Biden Administration prosecuting a major ‘carbon offset’ sales company for […]
[…] good friend and occasional blog pinch-hitter, William Teach of The Pirate’s Cove, has an article Friday morning on the Biden Administration prosecuting a major ‘carbon offset’ sales company for […]