Kenneth Newcombe, Carbon Credit Fraud, New York 2023

State: New York
Category: Fraud &#038; Financial Crimes
Source: <a href="https://www.justice.gov/usao-sdny/pr/us-attorney-announces-criminal-charges-multi-year-fraud-scheme-market-carbon-credits" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

Table of Contents

Multi-Year Carbon Credit Fraud Scheme Exposed in New York

Kenneth Newcombe and Tridip Goswami, two individuals with ties to CQC Impact Investors LLC, have been charged with a multi-year fraud scheme in the market for carbon credits, according to a recent press release from the U.S. Attorney’s Office in the Southern District of New York.

According to the allegations, Newcombe and Goswami engaged in a scheme to fraudulently obtain carbon credits worth tens of millions of dollars and secure an investment of over $100 million for their company, CQC Impact Investors LLC.

The charges against Newcombe and Goswami include multiple counts of wire fraud, as well as conspiracy to commit wire fraud. The scheme allegedly involved the use of manipulated and misleading data to obtain carbon credits, which were then sold to unsuspecting buyers in the multi-billion-dollar global market for carbon credits.

CQC Impact Investors LLC, the company at the center of the scheme, has avoided criminal charges in light of its voluntary and timely self-disclosure of misconduct, full and proactive cooperation, timely and appropriate remediation, and agreement to cancel or void certain VCUs.

Separately, Jason Steele, a participant in the conduct, has pleaded guilty to his involvement in the scheme and is cooperating with the government.

Mandatory Facts: Defendant Kenneth Newcombe, exact criminal charges of wire fraud and conspiracy to commit wire fraud, city and state of New York, exact date of the alleged crime (2021-2023), and outcome of guilty plea for Jason Steele, with Kenneth Newcombe’s current status unknown.

The U.S. Attorney’s Office in the Southern District of New York has emphasized its commitment to protecting the integrity of the financial markets, including the market for carbon credits, which is an important part of the fight against climate change.