Sustainable Agro Energy & Green Biofuel
Have you invested in Agro Energy or Biofuel?
The idea of ‘Green Biofuel’ is an attractive one - the majority would be more than happy to invest in something that is not only going to give an excellent rate of return, but also help to create a cleaner and greener world in the process. Unfortunately, when things sound too good to be true, they generally are - and this case was no exception.
Sustainable Agro Energy was sold to investors on the premise that the cash would be invested in Green-Oil plantations in Cambodia, planted with Jatropha Trees which would yield a ‘Green Biofuel’ which has a number of practical uses, not least a renewable alternative to crude oil. Clients were even sold the promise that there was an insurance policy in place to protect investors if the crops failed, making this not only an ethical investment, but a safe one.
Unfortunately, there were difficulties in farming the land in question due to the presence of landmines and as it turns out, less than 6% of the overall area was ever planted on, effectively rendering investments worthless.
In December 2014, Gary West, James Whale and Stuart Stone were convicted of fraud and bribery offences following the Serious Fraud Office’s (SFO) investigation into Sustainable AgroEnergy plc (SAE).
Some of the main Independent Financial Advisors (IFAs) responsible for such investments were Cherish Wealth Management, DeMontfort Professional Wealth Management and Douglas Baillie - all of whom have also been on the receiving end of complaints in relation to mis-sold pensions and investments in Green Oil Plantations, Harlequin Property, Store First and Sustainable Agro Energy.
If you have invested in Renewable Energy, and would like to know whether you may have a claim, contact DRSP today on 0800 849 5078.