Carbon Offset Pioneer Charged With $100 Million Fraud Scheme (1)

A pioneer in developing carbon offsets was accused by federal prosecutors of faking emissions-reduction data as part of a scheme to obtain millions of carbon credits and secure more than $100 million in investment.

Former C-Quest Capital LLC Chief Executive Officer Kenneth Newcombe, who stepped down as CEO in February, was indicted Wednesday in New York on wire fraud and commodities fraud charges. He faces up to 20 years in prison if convicted on the most serious charges.

C-Quest develops emission-reduction projects to earn carbon credits that can then be sold to companies or other entities that wish to ...