C-Quest develops emission reduction projects to earn carbon credits that can then be sold to companies or other entities that wish to offset their own emissions. Newcombe, a onetime Goldman Sachs Group managing director and World Bank official, founded C-Quest in 2008.
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 US$100 million ($129.22 million) in investment.
Former C-Quest Capital CEO 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.
