Credit fraud

The clock is ticking in the liquidators’ £20m carbon credit fraud case

By Christopher Crosby (31 March 2022, 2:47pm BST) – A London judge on Thursday dismissed the liquidators’ £20 million ($26 million) fraud suit against a UK financial broker after finding that they ignored signs of Tradition Financial Services Inc.’s involvement in carbon credit trading and waited too long to take legal action.

Grant Thornton LLP liquidators Kevin Hellard and David Ingram knew in September 2009 that they had to investigate brokers like TFS over their role in helping fraudsters trade carbon credits and allegedly uncovered the fraud by 2010 with “due diligence”, said High Court judge Marcus Smith.

The judge said the liquidators understood that something had “gone wrong” in the trading of carbon credits…

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