"Renewable Energy Certificates" ?

muymalestado

Been called recently by one or more companies wanting to inform me that the above REC's will shortly become tradeable.

I suspect this is a grooming exercise in that they only want to alert me as a long-term holder of B Gas related shares, Nat Grid & Centrica, I qualify to buy REC's in early trading. Price should be low and rise over first two years. "We'll keep you informed."

Scam ?

Boiler-room tactics?

Somebody has leaked the shareholder lists?

thenudeone

Carbon credits are a favourite for boiler room scams/frauds

http://www.thisismoney.co.uk/money/news/article-2245046/Police-raid-City-office-Financial-Mail-warns-carbon-credits.html

http://www.cityoflondon.police.uk/CityPolice/Media/News/detectivesdismantlesuspectedcarboncreditfraud.htm

But it's so lucrative that another one will be set up as quickly as they get shut down.

davidsian

I've also been contacted recently regarding these. Supposedly I qualify to purchase because I am a long term Scottish Power shareholder. I can buy 1000 RECs at £1 each and profits are tax free. I've been phoned several times as they seem to be warming me up for the release which is supposedly today. I have asked for them to email me details but they have not, so I was pretty sure this was a scam of some kind. Seemingly now they are released they are going fast and there will be no time to send me an email today. I said that if I missed out I missed out, but I wanted something in writing before I even considered this further.

I assume it is definitely a scam?

jimjames

davidsian wrote: »

I assume it is definitely a scam?

Yes. A genuine investment company won't cold call you. Any investment that has such a time limited, "sign now", amazing offer that cannot wait is a scam.

If it was really that good would the person on the phone be selling them or sitting on a tropical beach having made their millions from trading themselves? They may make their millions but it will be from ripping people off selling useless or fake certificates that have no value.

Spanner123

Got a call from "SSE" to say they were sorry the annual report would be delayed for, "shareholders like me." Went on to talk about renewables and special offers. Asked for a convenient time to call me back. Obvious scam. Did a 1471, number withheld. Lets see how long I can keep him chatting before he realises I'm on to him. At least he won't be robbing someone else while he's with me.

Vortigern

Spanner123 wrote: »

Got a call from "SSE" to say...

One of the benefits of holding shares in a nominee account is that your name and address is not on the public register and you miss out on "opportunities" like this.

jimjames

Spanner123 wrote: »

Lets see how long I can keep him chatting before he realises I'm on to him. At least he won't be robbing someone else while he's with me.

That's the really good thing, if you know it's a scam and keep them talking as long as you can then it could stop someone else being ripped off and you're doing a service to others. It's a shame when people put down the phone as it means the scammers can call more people faster.

Stevierich

I have received calls recently to inform me I would be contacted shortly and the caller would explain the details as I was a long time shareholder in an energy company.
Received the call today from James Hunter GB Consulting (phone number withheld ) explaining that I could purchase Renewable Energy Certificates in blocks of 500, 1000 and 1500 depending on availability. He will advise me of the cost tomorrow as it is due to be released today. Currently this is expected to be $10 or around £6.50.
From previous comments I presume that this scam has reappeared and is now active.

ajenkins35

I have just received exactly the same call - James Hunter from GB Consulting with the same spiel - the price of the certificates will be fixed tomorrow - and will be about $10 (£6.50) in blocks of 1500, 1000 or 500. Implied that in 2017 they will be worth $12.50 at least. He is calling again tomorrow - I will be interested to hear what he has to say!

chris_m

He wouldn't be calling me tomorrow had he called me. He'd have got the reply given in Arkell v Pressdram, phone hung up and his number added to my block list.

RonL

I had an almost identical string of calls from Mr Hunter, and I must admit I deliberately strung him along to waste his time as I have time on my hands these days. Calls were spaced days apart and in the intervening period I had searched for BG Consulting (many companies of that name, but none that seemed to match), and also on his name, which led me to this forum. I also searched for any evidence of RECs trading at $10 in the UK without any success. He kept citing UK energy companies although he said the RECs could be traded internationally , therefore priced in dollars. But I could find no evidence of this. Keeping him hooked, I asked if I could also buy RECs for my wife. He said she had to have BG shares, and I asked how he knew I had such shares, which he said he had from "the register". When I said they were in our joint name, he hesitated for a moment, seemed to refer to something and came back with "oh yes". He then explained "the process". I would supply some ID to their compliance organisation today, and then they would buy RECs on my behalf. I gave him a duff piece of ID, which their compliance department checked and verified! Next I would receive paperwork over the next few days, and I would then pay by cheque, where their courier would come and collect it (to save me money!) or I could pay by bank transfer. Note both are totally anonymous - no address, could be anybody. I would then receive the certificates some weeks later - plenty of time for them to shift accounts and move on before I realised it was a scam (if I hadn't already). He also gave the name of a broker, "Abbots Blue" or something sounding similar, who would send me the paperwork. I can find no such broker. Unfortunately it was the "compliance department" chap who was on the line when I could keep it together no longer and asked if I could have either an address or a phone number I could contact them on. He hung up.

Sounds like a bit of a scam to me, or am I just an old sceptic? Never mind, it was fun while it lasted.

I'd be keen to hear from others about their experience of this chap. Has anybody gone the full way and bought CECs? Is it legitimate after all? :-(