Paul Seakens and Luke Ryan used high pressure sales tactics to convince victims to purchase £2m of worthless carbon credits at inflated mark-ups via their company, Enviro Associates.

Other fraudulent brokers also used the bank accounts of three of Mr Seakens’ companies to launder money. Mr Seakens would deduct a commission from the money paid through the accounts before transferring the remaining funds back to the boiler rooms.

Analysis of bank statements following an eight year investigation showed over £30m went through the various company accounts controlled by Mr Seakens.

Mr Seakens from Enfield was sentenced to 13 years in prison for one count of fraudulent trading and four counts of converting criminal property at Southwark Crown Court on Friday. He also received a 12 year directors disqualification.

The judge, Her Honour Judge Cahill QC, called Mr Seakens a “man completely without credibility” and that he and his team clearly made “untrue, false or misleading claims so that investors parted with their money, believing in a commodity that you now say you knew very little about.”

Luke Ryan from Hampshire, was sentenced to six years in prison for fraudulent trading at the same hearing. He also received an eight year directors disqualification.

Detective inspector Paul Curtis, from the City of London Police’s Financial Investigation Unit, said: “This has been a complex and lengthy investigation and I would like to thank the victims in this case for their resolve and determination in seeing it through to a conclusion. We have believed from the very beginning that the evidence clearly proved these carbon credits were sold fraudulently to investors, often through cold calls and high-pressure sales techniques to the vulnerable and elderly.

“The sentences passed down to Seakens and Ryan truly reflects the leading roles played by them. We hope that this significant sentence brings some closure to the victims. The commendation from the judge is also a testament to the hard work and dedication the team put into bringing this case to court.”