Engineer fights charges over invention scam
Date: Saturday, September 13, 2008 @ 21:24:20 GMT Topic: 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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