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ARTICLE · 09 OCTOBER 2024

Extra Credit Projects: SEC Settles Charges Against Carbon Offset Project Developer For US$250 Million Offering Fraud

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On 2 October 2024, the Securities and Exchange Commission (SEC) announced settled charges against one of the largest carbon credit project developers (the Developer)...

United StatesCorporate/Commercial Law
Pablo Man
Pablo Man

On 2 October 2024, the Securities and Exchange Commission (SEC) announced settled charges against one of the largest carbon credit project developers (the Developer), for fraudulently altering data concerning its business and making material misrepresentations in the offering of equity to institutional investors in the United States. The SEC's order found that the Developer violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

The projects at issue involved the installation of energy-efficient cookstoves throughout communities in Africa, Asia, and Central America, which purportedly would lead to far less carbon dioxide emissions released into the atmosphere. The SEC order finds that from about 2017 to December 2023, the Developer and its former executives submitted false, misleading, and inaccurate data to the carbon credit registry and third-party reviewing bodies that verify the

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