Thursday, August 20, 2009

Carbon Traders Arrested for Tax Fraud

Long time readers already know our thinking on carbon trading and traders.
From the New York Times' Green Inc. blog:
British customs officials arrested seven people near London on Thursday suspected of dodging taxes that should have been paid for selling large amounts of carbon dioxide permits — the main currency in the European Union’s Emissions Trading System.

The suspected fraud amounted to 38 million pounds, or nearly $63 million, the British tax agency, HM Revenue & Customs, said in a statement. “It is thought that the proceeds of this crime have then been used to finance lavish lifestyles and the purchase of prestige vehicles....MORE