Former C-Quest CEO Newcombe Charged With Carbon Credit Fraud
(Bloomberg) — Former C-Quest Capital LLC Chief Executive Officer Kenneth Newcombe was accused by federal prosecutors of reporting fraudulent emissions-reduction information as part of a illegally scheme to obtain millions of carbon credits.
Newcombe, who stepped down as CEO in February, was charged Wednesday in New York with wire fraud and commodities fraud, according to a statement by the Manhattan US attorney’s office.
Carbon credits are traded and sold to companies that wish to offset their emissions. Newcombe, a onetime Goldman Sachs Group Inc. banker and World Bank official, founded C-Quest in 2008.
The Commodity Futures Trading Commission separately sued Newcombe earlier on Wednesday.
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