Prison terms handed down for carbon credit scammers

fugitive businessman Cyril Astruc

(h/t David M.)A top fraudster behind a tax scam in France using carbon emission rights was sentenced to nine years in prison Wednesday as authorities press ahead with prosecutions over the 1.6-billion-euro ($1.9-billion) scandal.

Twelve people were sentenced in Paris for taking part in an international of VAT trickery and money-laundering, with fugitive businessman Cyril Astruc receiving the harshest nine-year sentence.

He was convicted in absentia for being the “main organizer and the principal beneficiary” in a network found guilty of defrauding French authorities of 146 million euros between 2008 and 2009.

Only three of the defendants who faced charges ranging from fraud, organized crime to money laundering attended the sentencing hearing on Wednesday.

Turkish bank Garanti Bankasi was ordered to pay a fine of eight million euros for money-laundering.

Also on Wednesday, magistrates investigating another network centered in the southern city of Marseille sent 36 people to trial suspected of a 385-million- scam from 2006 to 2009.

The carbon trading scandal is thought to be one of the biggest tax conspiracies in France, costing local authorities 1.6 billion euros in lost revenue and some five billion euros at the European level.

Under a European Union trading system, limits are placed on the amount of carbon dioxide companies may emit, and those who want to pollute more must buy permits on different exchanges around Europe.

The fraud involved buying permits in one EU country from another, free of VAT, then selling them on with the VAT added to another buyer.

But instead of declaring the VAT and paying it to the relevant tax authority, the trader pocketed the money and used a series of front companies to make the hard to detect.

Read more at Phys.org

Comments (2)

  • Avatar

    Spurwing Plover

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    I know of a lot of people who need to go to jail for Climate Fruad AL BORE,LEONARDO DiCAPRIO,ROBERT KENNEDY Jr,LUARIE DAVID, and the leaders of various eco-wacko groups like Greenpeace,EDF,NRDC,Earth Justice,Sierra Club just to name a few Climate Scammers

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    Amber

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    Nine years seems a bit short but it’s a start . Funny how they want to jail “deniers ” but the only crooks going to jail are the climate fraud rent seekers . Hope there are many more to follow .
    What ever happened to the executives of Solyndra and about another 100 solar company flame outs ?
    Some poor jerk takes pictures of a submarine and is behind bars while the corporate crooks of “renewable ” grant dependant businesses fleece tax payers for $billions walk free .
    Little weasels in government leak documents and some how no one knows who they are ? No wonder the climate con game got lift off .

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