Consumers warned against Westernfield Holdings Inc. 'investment'

Australians are being defrauded by overseas based telemarketers touting a carbon credit investment opportunity which may have fleeced consumers of more than $3.5 million, ACCC deputy chairman Peter Kell warned today.

"This is a highly sophisticated scam and involves overseas based telemarketers making unsolicited calls to Australian consumers and businesses to ask their views on current environmental concerns and whether they would consider investing in environmental projects.

"Those who express an interest are then contacted by someone claiming to work for the bogus Japanese based business, WesternField Holdings Inc. and offered an opportunity to 'invest' in projects which generate carbon credits.

"This is not an investment opportunity.  The individuals behind WesternField Holdings are operating a highly sophisticated scam and are seeking to take advantage of current concerns about the environment and climate change.

"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)."

Mr Kell warned that the ACCC has received reports that investors have been unable to obtain their 'investment certificates'.

"It has also been reported to the ACCC that once money is invested with WesternField Holdings requests by investors to sell their investments and/or to obtain a refund have been ignored.  Alternatively, some investors have advised the ACCC that they were given false promises that if they made additional investments their money would be returned.

"Many of the consumers who have 'invested' with WesternField Holdings are small business operators, self-funded retirees and individuals hoping to find an ethical investment opportunity.  Unfortunately they have handed over their hard earned money to a group of overseas fraudsters and it appears that Australian consumers may have lost more than $3.5 million to this scam.

"Anyone who receives an unsolicited call from WesternField Holdings, should immediately hang up."

WesternField Holdings has recently been added to the Australian Securities and Investments Commission's list of blacklisted schemes on its consumer website called FIDO (http://fido.gov.au/fido/fido.nsf).

For more information about WesternField Holdings and other investment scams or to report a scam visit the ACCC's SCAMwatch site, www.scamwatch.gov.au or call 1300 795 995.