An Arizona corporation sought to attract investors with an enticing promise: Put money in our climate-change-focused investment fund and earn returns of 1000 percent or more.
Climate Care Innovations claimed to own 3.3 million pollution allowances tied to Washington state’s carbon market, a program that seeks to cut business greenhouse gas emissions. The allowances, which some Washington state businesses must buy, fluctuate in price and for some are a potential investment opportunity.
The 3.3 million allowances were potentially worth as much as $170 million.
Except none of it was true, according to Arizona regulators. The business did not own any pollution allowances tied to Washington state’s carbon market. And it didn’t have the right to buy or sell any allowances.
