Jail term for Dotnet director

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A director of a company that allegedly falsely claimed it had perfected an Internet technology called Genesis has been sentenced to 12 months imprisonment on three charges of making false and misleading statements in a prospectus.
Andrew Geoffrey Thomson has been ordered by Judge Davey--in the County Court of Victoria--to serve three months in prison, after which he will be placed on a two-year good behaviour bond.
Thomson was charged following an investigation by the Australian Securities and Investments Commission (ASIC) into dotcom companies Dotnet Limited (Dotnet), Hotlinks Internet Services Pty Ltd (Hotlinks) and World Intranet Work Inc.
The Dotnet prospectus falsely claimed it had perfected the Genesis Internet technology, ASIC alleged. 'The Genesis application claimed to be capable of replicating Websites 'on a scale never seen before', from which clients could promote their services and earn revenue from advertising,' ASIC said.
'Mr Thomson pleaded guilty to raising money through investment documentation relating to the dotcom companies, which ASIC alleged contained false and misleading statements,' it stated.
According to ASIC, the companies raised money from investors during 1999 and 2000, with the intention of listing on the Australian Stock Exchange. It said both Dotnet and Hotlinks had been placed into liquidation in March 2001 and were now deregistered.

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