CleanTech Fraud Caught as CO2 Tech Accused of Being a Green Pump and Dump Stock

The CleanTech and Green Theme is being increasingly used by fraudsters and fly by night operators in the stock market.CO2 Tech Ltd.,a Pink Sheets Company has been accused of being a Pump and Dump Stock floated by 6 people.The Company which was supposed to be a Global Warming Products selling company has found to be a complete fraud.$7 million were generated in profits by a group of stock market traders and promoters.Small offshore broking entities and and small asset management outfits were involved in artificially raising the stock price using false information.The Fraud has a global character with bank accounts in several countries.

Note its not only the small shady outfits but even top bulge bracket investment banks have been found to be involved in profiteering and frauds.Recently a massive fraud in CDM Credits was found in Europe which involved people from several top investment banks like UBS.CDM is a particularly fertile ground for fraudsters as carbon credits were stolen from a registry in Czech leading to suspension of the ETS scheme.

U.S. charges global warming company was a fraud

CO2 Tech Ltd, a publicly traded company that lured investors with claims about products and services to fight global warming, was full of nothing but hot air, the U.S. Securities and Exchange Commission said on Friday.

It said the U.S. Justice Department had filed criminal fraud charges against six men, including stock promoters and traders, involved in a so-called “pump-and-dump scheme” built around shares of the company, which was purportedly based in London but had no significant assets or operations.