PowerSwitch

I had a "broker" ring me from Dubai, to offer me, preferentially as I have held energy utility shares for many years, some Renewable Energy Certificates (REC). I am "allowed" to take up an allocation of up to 1000 of the RECs each year, and the profits are tax free. They are being sold at $8 each and in November 2014 they will reach a guaranteed floor price of $10.35.

I couldn't pay money over the phone, but would have to goto my bank to pay. I had the impression this was some UK type investment connected with the government. How naive. When I got the papers through the post, I have to send the money to Singapore.

Apparently the rate of interest (or capital increase) is to do with the utility companies having to produce a percentage of renewables by a certain date, and if they don't manage that, they can buy these certificates on a per megawatt basis to make up the shortfall.

Who knows anything about the safety ofthese RECs, or is it a way to wave goodbye to your money?

You're trying to get free money from somebody in Dubai by sending your money to somebody in Singapore?

Doh!

I take it you know nothing about them then.

biffvernon wrote:You're trying to get free money from somebody in Dubai by sending your money to somebody in Singapore?

Doh!

Exactly.

Couldn't have put it better B

You seem to know as much as Biff then.

woodburner wrote:I take it you know nothing about them then.

I know nothing about them either W. However, what I do know is that moving money around from Peter to Paul to make more money has landed us all in the mess we are in. Notwithstanding that, it can still make personal financial sense to partake of that kind of game.

On the other hand, I would be completely non-inclined to send money to a company overseas if I did not have absolute cast iron knowledge of this company as being a world leader.

Often, as well, these kinds of companies have all sorts of shenanigans going on via middle men in these convoluted financial instruments. So, I would say that if you decide to deal with them the best way to do so would be to simply focus on the inputs and outputs.

Is there a minimum investment?

Is there a maximum investment?

Is there a minimum return?

Is there maximum return?

What is the projected return?

What is the time-scale of the return?

Are there means by which I can pull my investment early and, if so, what are the penalties?

Am I guaranteed my initial investment back no matter what or, if not, what am I guaranteed back, if anything?

All of the above would need to be clearly laid out in a legally binding contract recognisable in your own country’s legal jurisdiction and, in an ideal world, checked and validated by a legal representative of yours who would then be legally liable to you for any losses incurred in the event of the original company reneging on their contractual obligations or if the contract turned out to be not what your legal representative had told you it was.

I agree with your views. I am unhappy about sending money out of the UK which benefits a project on the Spokane river in Washington. It seems difficult to find information about RECs on the web. Wondered if someone knows.

I also know nothing about this scheme, but would be very dubious indeed firstly about parting with any money to anyone as a result of a presumably unsolicated phone call.

If the entity receiving the money is outside of the UK and therefore probably outside the reach of UK trading standards and legal safegaurds, I would be even more doubtful.

Sounds like a too-good-to-be-true boiler-room scam.

I can offer a better scheme than that.
I have found a way of making almost unlimited money by exploiting price differences between postage stamps and postal reply coupons, and postal payment vouchers.

I do not have time to administer this myself, but recomend that you contact a distant relative of mine, the famous Mr Ponzi.

featherstick wrote:Sounds like a too-good-to-be-true boiler-room scam.

That's what Biff and Steve said. Watch out...

stevecook172001 wrote:what I do know is that moving money around from Peter to Paul to make more money has landed us all in the mess we are in. Notwithstanding that, it can still make personal financial sense to partake of that kind of game.

The absolutely vital thing is that know exactly who Paul is, that you trust him, and that you know where he lives so you can call on him with a big friend if he lets you down.

From what you say, these three tests have not been met, so keep your hand in your pocket.

adam2 wrote:I can offer a better scheme than that.
I have found a way of making almost unlimited money by exploiting price differences between postage stamps and postal reply coupons, and postal payment vouchers.

I do not have time to administer this myself, but recomend that you contact a distant relative of mine, the famous Mr Ponzi.

+1

Crikey moses WB...and you thought solar power was a scam

Actually, Washington isn't too bad. It could have been Delaware(sp?), which is apparently notorious for that sort of thing. And RECs themselves are a genuine scheme.

RenewableCandy wrote:And RECs themselves are a genuine scheme.

Tell me more..............