ASIC v Cycclone Magnetic Engines Inc [2009] QSC 58

Facts: A foreign company (co) was trading illegally in Qld. Co sought to raise money to develop a prototype magnetic engine (perpetual motion machine). Co promoted its business to prospective investors through a website, newsletter and in investor demonstration days at the factory. Co did not lodge a disclosure document with ASIC. ASIC claimed breach of s 727 and misleading conduct under s1041H Corporations Act (and under ASIC Act).

Want to read more?

Subscribe to casetreasury.com to keep reading this exclusive post.

Subscribe Now