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THE boss of a business that lied to investors, claiming they could make profits of 82 per cent by investing in carbon credits, has been banned from acting as a company director for the next 14 years.
Aaron Whiteman, 43, set up Eco Business Management Limited and installed a friend as a front man so he could stay in the shadows. But it was Whiteman who instructed solicitors to draw up contracts and other paperwork that he gave to his sales staff.
Investors were told to send their money to a bank account in Switzerland and in 12 months the company raked in £241,000 from the sale of worthless carbon credits. Meanwhile, Whiteman ordered false accounts to be prepared, showing the company was dormant, and investors were told that Eco Business Management had gone into liquidation, which was also false.
Two years ago, I reported that the company was part of a network centred around a separate firm, Carbon Neutral Investments Limited. This gave the false impression of providing a two-way market so investors could turn their credit back into cash, but no such market existed.
When investigators from the Insolvency Service questioned Whiteman, he told them he kept no records or bank statements. He claimed he handed control of the company to someone whose name he had forgotten.
After the Insolvency Service produced its evidence, Eco Business Management was closed down by the High Court, with the judge condemning it as a fraud. Whiteman is now running a drinks business in Stockholm. The £241,000 has not been recovered.