Carbon credits sold to retail investors in the United Kingdom: convictions 2013–2021
- The record does not name which of my species, waters, soils or forests were harmed.
Voluntary carbon credits were cold-called to UK retail investors at large mark-ups. In May 2021 Seakens was sentenced to 13 years and Ryan to 6 for a network that sold more than 5 million credits for £36m; other sellers were sentenced from 2013 to 2019. The Financial Conduct Authority says carbon credits are not regulated by it.
Sold through up to 90 broker companies; credits in the Eco-Synergies case were bought at an average of 65p and sold at about 800% mark-ups.
Status As of October 2026: sentences are on record from 2013 to 2021, the largest in May 2021; the FCA says carbon credits remain outside its regulation.
- Seakens, Ryan and other sellers sentenced from 2013 to 2021 — The network sold credits for £36m; credits bought at an average of 65p were sold at about 800% mark-ups REDD-Monitor
- Retail investors (222 victims received recovered funds in the Seakens and Ryan case; 130 victims in the Raja case) — Paid the mark-ups; £1,037,948 was recovered and paid to 222 victims The Insolvency Service
What happened
In the UK, voluntary carbon credits were sold to retail investors by telephone selling firms. The Financial Services Authority warned in 2011 that it does not regulate carbon credit trading, and the Financial Conduct Authority's ScamSmart page says carbon credits are not regulated by the FCA, so buyers have no access to the compensation scheme or the ombudsman. Sales were reported at mark-ups between 200% and 1,000%.
The largest case on record concerns Enviro Associates, based in Winchester, and the Opus Capital network, in which up to 90 broker companies sold more than 5 million voluntary credits for £36m. Credits bought at an average of 65p in the Eco-Synergies case were sold at about 800% mark-ups. On 28 May 2021 Seakens was sentenced to 13 years (three counts of money laundering and one of fraudulent trading) and Ryan to 6 years (fraudulent trading), and director disqualifications of 12 and 8 years were imposed. Recovery under the Proceeds of Crime Act of £1,037,948 was paid to 222 victims.
Other UK sentences are reported in court and press sources. Raja was convicted in his absence at Southwark on 8 January 2019 and reported sentenced to 8 years on 18 January 2019; 130 victims paid £5.26 to £6.50 per credit through Harman Royce, for almost £1.5m, when an independent consultant put the price at 25p to 30p, and 28 investors paid about £900,000 through Kendrick Zale. The Court of Appeal dismissed his appeal against conviction on 3 February 2021. Macdonald (8 years) and Downes (4.5 years) were sentenced at Kingston Crown Court on 18 April 2013, which City of London Police described as the first prison sentences for a carbon credit boiler room fraud. Foran (4.5 years) and Henry (1.5 years) were sentenced at Southwark Crown Court in November 2016, and Noad and Griston were each jailed in 2014 for just over 4.5 years (4 years 8 months at the Old Bailey, according to SmartSearch).
- 2011The Financial Services Authority warns, in August, that it does not regulate the sale or trading of carbon credits (as quoted by REDD-Monitor in 2012)
- 2013Macdonald (8 years) and Downes (4.5 years) sentenced at Kingston Crown Court (18 April), described by City of London Police as the first prison sentences for a carbon credit boiler room fraud
- 2016Foran (4.5 years) and Henry (1.5 years) sentenced at Southwark Crown Court (November)
- 2019Raja convicted in his absence at Southwark (8 January) and reported sentenced to 8 years (18 January)
- 2021Seakens sentenced to 13 years and Ryan to 6 years (28 May); the Insolvency Service blog reports the outcome (17 November)
What was said
Where accounts differ
Each party's account, side by side, with its source. The record does not settle these points; it shows them.
Recorded that Raja was convicted in his absence at Southwark on 8 January 2019 and dismissed his appeal against conviction.
Court of Appeal (Criminal Division), via The National ArchivesReported, citing a 5 February 2019 press release from Sami Raja Consultancy, that Raja was not at Southwark Crown Court and is not in prison.
REDD-MonitorHow it looked
Shown
Recorded
- The FCA's ScamSmart page says carbon credits are not regulated by the FCA, with no access to the compensation scheme or the ombudsman.
- Seakens: 13 years (three counts of money laundering, one of fraudulent trading). Ryan: 6 years (fraudulent trading). Director disqualifications of 12 and 8 years. 28 May 2021.
- Proceeds of Crime Act recovery of £1,037,948 was paid to 222 victims.
- More than 5 million voluntary credits sold for £36m through up to 90 broker companies; credits bought at an average of 65p (Eco-Synergies case) sold at about 800% mark-ups.
- Raja, Southwark Crown Court, 18 January 2019: 8 years after being found guilty of six counts of conspiracy to defraud and money laundering. Through Harman Royce, 130 victims were charged between £5.26 and £6.50 per credit, for a loss of £1.5m, while an independent consultant put the price at 25p to 30p; through Kendrick Zale, 28 investors paid £900,000 (Financial Planning Today, citing City of London Police).
- Court of Appeal, 3 February 2021 ([2021] EWCA Crim 107): Raja had been convicted in his absence at Southwark on 8 January 2019 of six counts; the court dismissed the appeals against conviction in all the conjoined appeals. It records almost £1,500,000 transferred by investors to Harman Royce, of which £477,807 was spent on credits, and, for Kendrick Zale, 28 investors who paid in the order of £900,000 for credits sold at an average of £2.99 that Kendrick Zale bought for between 67p and 83p.
- Macdonald and Downes, Kingston Crown Court (case T20127038), 18 April 2013: Macdonald 8 years and Downes 4.5 years; the scam ran from January 2007 to December 2010 and defrauded UK investors of about US$9 million, according to REDD-Monitor quoting City of London Police.
- Foran and Henry, Southwark Crown Court, November 2016: Michael Foran, a manager at London Carbon Credit Company, was sentenced to 4.5 years (including 18 months for a previous fraud) and Kallan Henry to 1.5 years after a conspiracy to defraud trial; about £2.3m was taken from 90 people according to the report (a police officer quoted "more than 80"). Migle Sasyte was found guilty and due to be sentenced in January 2017.
- Noad and Griston: each jailed for just over 4.5 years for a £10m boiler room fraud that sold land and then carbon credits (FinancialAdvice.net, 22 April 2014); SmartSearch gives the sentence as 4 years 8 months each at the Old Bailey with 10-year director disqualifications.
- Financial Services Authority, August 2011: said it "does not regulate the sale or trading of carbon credits" (as quoted by REDD-Monitor).
In nature's name
Money moved in nature's name
| What | Kind | Amount | Period |
|---|---|---|---|
| Voluntary carbon credits sold by the Opus / Enviro Associates network Up to 90 broker companies in the network REDD-Monitor | Credits sold | £36m | 2010s |
| Transferred by investors to Harman Royce (Raja case) Harman Royce investors Court of Appeal (Criminal Division), via The National Archives | Credits sold | £1.5m | 2012 |
| Paid by 28 investors to Kendrick Zale (Raja case) Kendrick Zale investors Court of Appeal (Criminal Division), via The National Archives | Credits sold | ≈ £0.9m | 2013 |
| Recovered under the Proceeds of Crime Act and paid to 222 victims Seakens and Ryan The Insolvency Service | Compensation | £1.04m | 2021 |
What was measured
No independent measurement of an emissions reduction or other environmental effect of the credits sold is on record in the sources reviewed; the sources do not describe the underlying projects.
Findings on record
- Court or regulator ruling UK criminal court (name not given in the sources reviewed) (2021-05-28) · Seakens: 13 years (money laundering, fraudulent trading). Ryan: 6 years (fraudulent trading) The Insolvency Service
- Court or regulator ruling Southwark Crown Court (2019-01-18) · Raja: 8 years; six counts of conspiracy to defraud and money laundering Financial Planning Today
- Court or regulator ruling Court of Appeal (Criminal Division) (2021-02-03) · Byrne & Ors v R [2021] EWCA Crim 107: appeals against conviction dismissed, including Raja's Court of Appeal (Criminal Division), via The National Archives
Who gained
Reached nature or the ground
Gained elsewhere
Responses on record
- Financial Conduct Authority (as of October 2026): Its ScamSmart page says carbon credits are not regulated by the FCA and that buyers have no access to the compensation scheme or the ombudsman. · Financial Conduct Authority (ScamSmart)
In court and with insurers
Lawsuits and rulings
- 2021-05-28Claimant won£1.04m Recovered under the Proceeds of Crime Act and paid to 222 victimsSeakens and Ryan, Enviro Associates and the Opus Capital networkUK criminal court (name not given in the sources reviewed) · Criminal · UK prosecution → Seakens and Ryan
Sentenced on 28 May 2021: Seakens to 13 years (three counts of money laundering and one of fraudulent trading), Ryan to 6 years (fraudulent trading), with director disqualifications of 12 and 8 years. The network sold more than 5 million voluntary credits for £36m through up to 90 broker companies. The Insolvency Service
- 2019-01-18Claimant won£1.5m Transferred by investors to Harman Royce (almost)Raja, carbon credit sales (Harman Royce and Kendrick Zale)Southwark Crown Court; appeal against conviction dismissed by the Court of Appeal ([2021] EWCA Crim 107) · Criminal · UK prosecution → Raja
Convicted in his absence on 8 January 2019 of six counts of conspiracy to defraud and money laundering and, according to Financial Planning Today, sentenced to 8 years on 18 January 2019. Harman Royce credits were sold at £5.26 to £6.50 when an independent consultant put the price at 25p to 30p; 28 investors paid about £900,000 to Kendrick Zale. The Court of Appeal dismissed his appeal against conviction on 3 February 2021. Financial Planning Today
- 2013-04-18Claimant wonMacdonald and Downes, carbon boiler roomKingston Crown Court · Criminal · UK prosecution → Macdonald and Downes
On 18 April 2013 Macdonald was sentenced to 8 years and Downes to 4.5 years; City of London Police described them as the first prison sentences for a carbon credit boiler room fraud. The scam ran from January 2007 to December 2010. REDD-Monitor
- 2016-11Claimant wonForan and Henry, carbon credit salesSouthwark Crown Court · Criminal · UK prosecution → Foran and Henry
Michael Foran, a manager at London Carbon Credit Company, was sentenced to 4.5 years (including 18 months for a previous fraud) and Kallan Henry to 1.5 years in November 2016, after a conspiracy to defraud trial; about £2.3m was taken from 90 people according to the report. East London Lines
- 2014-04Claimant wonNoad and Griston, carbon credit salesOld Bailey (per SmartSearch; FinancialAdvice.net does not name the court) · Criminal · UK prosecution → Noad and Griston
Each sentenced to 4 years 8 months (FinancialAdvice.net, 22 April 2014: just over 4.5 years each) for a £10m boiler room fraud that sold land and, while the pair were on bail, carbon credits; each was disqualified from being a company director for 10 years, according to SmartSearch. SmartSearch
Insurers
What we don't know
Nature
- Not measured Harm to nature: The record holds no measurement of harm to nature.
Accounts
- Disputed Whether Raja is in custody
Record
- None on record None on record: a US Securities and Exchange Commission case that is specifically a carbon-offset Ponzi scheme was not found in the sources reviewed.
- Disputed Disputed: whether Raja is in custody. The Court of Appeal records that he was convicted in his absence on 8 January 2019; REDD-Monitor's update of 12 February 2019, citing a 5 February 2019 press release from Sami Raja Consultancy, says he was not at Southwark Crown Court and is not in prison.
- Unclear Unclear: the court and exact date of the sentencing of Noad and Griston, which the sources reviewed give only through trade press (FinancialAdvice.net, 22 April 2014; SmartSearch names the Old Bailey).
Did the harm stop?
The sources reviewed do not state when the sales ended; the sentences run from 2013 to 2021. The FCA's ScamSmart page continues to say carbon credits are not regulated.
Who paid?
Retail investors paid the mark-ups. £1,037,948 was recovered under the Proceeds of Crime Act and paid to 222 victims. No payment to nature or to an environmental fund is on record in the sources reviewed.
Sources
Government and regulators
- Carbon credit scamsFinancial Conduct Authority (ScamSmart) ·
- Collaborative enforcement: jail for carbon credit fraudstersThe Insolvency Service · 2021-11-17
Courts
- Byrne & Ors v R [2021] EWCA Crim 107Court of Appeal (Criminal Division), via The National Archives · 2021-02-03
Press and investigations
- REDD-Monitor report on the Seakens and Ryan carbon credit investment scamREDD-Monitor · 2021
- Fraudster gets 8 year sentence for role in £2.4m carbon credit conFinancial Planning Today · 2019-01-21
- Carbon credit scammer Sami Raja sentenced to eight years in prisonREDD-Monitor · 2019-01-23
- Green collar crime: Prison sentences for two men behind a UK carbon credit boiler room scamREDD-Monitor · 2013-04-22
- Bow man convicted of multi-million pound carbon credits fraudEast London Lines · 2016-11-22
- Boiler Room Scam Pair JailedFinancialAdvice.net · 2014-04-22
- Two jailed over £10m boiler room scamSmartSearch · 2025-02-26
- Financial Services Authority: "Why you should be wary about investing in the carbon credit market"REDD-Monitor · 2012-05-08
Connected cases
- Generation Investment Management: fees, partners' profit and Foundation grants United Kingdom · 2004–2026
- UK Financial Conduct Authority (Public authority) — here: States that carbon credits are not regulated by the FCA; there: Authorises the firm; register shows no disciplinary history
- Sustainable-labelled funds: assets, renaming under the EU fund-name rules, fees and impact studies Global · 2018–2026
- UK Financial Conduct Authority (Public authority) — here: States that carbon credits are not regulated by the FCA; there: Anti-greenwashing rule and UK labels