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AUSTRALIA: A former air-conditioning company boss has pleaded guilty to two counts of fraud totaling A$1,092,500.33 (US$687 million).
Steven Phillip Heaton of South Melbourne, Victoria, was a former director of Independent Products Pty Ltd and HVPS Holdings Pty Ltd. The two companies, now deregistered and the other currently in liquidation, were formed to commercialize energy efficiency with a claimed invention of air conditioning.
An investigation by the Australian Securities and Investments Commission found that, on or about 9 November 2015, Heaton had made false statements to investors about the claimed energy efficiency produced by air conditioners, and that BHP Billiton Ltd (known at the time) had agreed to Purchased 100 units in a Queensland mining operation and it was not.
According to his statement, the investor borrowed $117,500 from Independent Products Pty Ltd.
Between approximately August 31, 2015 and January 20, 2017, Heaton made similar misrepresentations to investors who collectively invested $975,000.33 in Independent Products Pty Ltd and HVPS Holdings Pty Ltd.
Heaton faces up to 10 years in prison for contravening section 82(1) of the Crimes Act 1958 (Vic) and up to 15 years for contravening section 191(1) of the Crimes Act 1958 (Vic) imprisonment
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