ZPEnergy.com - Engineer fights charges over invention scam

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.


Create an account	Home · Topics · Downloads · Your Account · Submit News · Top 10


All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest © 2002-2016 by ZPEnergy. Disclaimer: No content, on or affiliated with ZPEnergy should be construed as or relied upon as investment advice. While every effort is made to ensure that the information contained on ZPEnergy is correct, the operators of ZPEnergy make no warranties as to its accuracy. In all respects visitors should seek independent verification and investment advice. Keywords: ZPE, ZPF, Zero Point Energy, Zero Point Fluctuations, ZPEnergy, New Energy Technology, Small Scale Implementation, Energy Storage Technology, Space-Energy, Space Energy, Natural Potential, Investors, Investing, Vacuum Energy, Electromagnetic, Over Unity, Overunity, Over-Unity, Free Energy, Free-Energy, Ether, Aether, Cold Fusion, Cold-Fusion, Fuel Cell, Quantum Mechanics, Van der Waals, Casimir, Advanced Physics, Vibrations, Advanced Energy Conversion, Rotational Magnetics, Vortex Mechanics, Rotational Electromagnetics, Earth Electromagnetics, Gyroscopes, Gyroscopic Effects PHP-Nuke Copyright © 2005 by Francisco Burzi. This is free software, and you may redistribute it under the GPL. PHP-Nuke comes with absolutely no warranty, for details, see the license.