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Engineer fights charges over invention scam
Posted on Saturday, September 13, 2008 @ 21:24:20 EDT by vlad

Legal From http://www.keelynet.com/#whatsnew : A GOLD Coast businessman raised more than $1 million from investors for a magnet-powered engine that would never work, a court has been told. Sovereign Island-based Micheal Nugent is fighting charges brought by the Australian Securities and Investments Commission that he engaged in misleading and deceptive conduct. Mr Nugent, an engineer, says his invention will work and that fundraising was not deceptive. ASIC says Mr Nugent, a director of Cycclone Magnetic Engines Inc. based at Gaven and Lismore, failed to disclose documents as required under the Corporations Act, and acted deceptively when raising more than $1million from shareholders.

The company said it was developing an engine that used permanent magnets to supply power, without the need for external fuel. ASIC has also named two other directors, Robert McClelland and Steven Foster in the action, even though they were only directors for a few weeks of the fundraising period. ASIC also wants to wind up the company, alleging little of the money raised has gone to developing the engine. The Supreme Court in Brisbane was told ASIC had paid an expert, who looked at parts of the engine and a video of it on the company website, and determined it was not viable. - Source. Here is a Japanese page with Videos of this magnetic engine.

 
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