WesternField Holdings Inc. carbon credit investment scams

2 March 2010

WesternField Holdings Inc., a bogus overseas based telemarketing business, offering so called ‘investment opportunities’.

SCAMwatch understands that overseas telemarketers are making unsolicited calls to Australian consumers and businesses. Recipients are asked about their views on current environmental concerns and whether they would consider investing in environmental projects.

Recipients who express an interest in the environment or indicate that they are interested in investing are then contacted by a representative from WesternField Holdings.

WesternField Holdings has gone to great lengths to convince investors that it is a legitimate investment opportunity. It has a genuine looking website (www.western-field.com) and assures potential investors that they can review their ‘investment certificates’ online through a supposed independent website registered to CTR Limited (http://carbontrustregistry.com). [links no longer available]

However, SCAMwatch has received reports that investors were unable to obtain their ‘investment certificates’.

It has also been reported that once money is invested with WesternField Holdings, requests by investors to sell their investments and/or to obtain a refund have been ignored.

If you receive an unsolicited call from WesternField Holdings, SCAMwatch advises you to hang up!

WesternField Holdings has recently been added to the Australian Securities and Investments Commission’s list of 'Companies you should not deal with' on its MoneySmart website.


Protect yourself

  • If it sounds too good to be true, it probably is.
  • Always get independent advice if an offer involves significant money, time or commitment.
  • Don’t agree to offers or deals straight away. Tell the person that you are not interested or that you want to get some independent advice before making a decision.
  • Remember there are no get-rich-quick schemes. The only people who make money are the scammers.
  • Before making any investment decisions, do your homework. You may find some information by doing a search on the internet. You can also check with the Australian Securities and Investments Commission (ASIC) whether the financial service provider holds an Australian Financial Services Licence. ASIC also provides a list of blacklisted schemes on its consumer website, MoneySmart (www.moneysmart.gov.au).
  • Exercise extreme caution when offered investment opportunities, especially if you receive an unsolicited email and/or call.

Report

Report financial scams to ASIC on 1300 300 360 or visit its website at www.asic.gov.au.

You can also report this matter via the report a scam page on the SCAMwatch website.

More information

Explore ASIC’s consumer website, MoneySmart, for more information about financial scams. WesternField Holdings Inc. is listed in ASIC’s ‘cold calling blacklist’.

Explore SCAMwatch to find out more information about investment scams and how you can protect yourself.

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