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Securities Commission cracks down on firm claiming plans to generate electricity to sell to the national grid

Securities Commission cracks down on firm claiming plans to generate electricity to sell to the national grid

The Securities Commission says it has now banned an investment statement from a company named IRA NRG NZ Limited (INNL).

The move comes after the regulator "banned" the company's website earlier this month.

Securities Commission chairman Jane Diplock said INNL had made an illegal share offer to the public with no prospectus registered.

"The public offer of shares by INNL is illegal as there is no prospectus," said Diplock. "Any purported allotment of shares to investors would be void and of no effect. People should not invest in this company until it complies with the requirements of the Securities Act 1978."

In its previous announcement the Securities Commission said it had banned INNL's website and removed its content. The website had described INNL's plans to generate electricity and sell it to the national grid. The regulator said the website included claims of future income that weren't substantiated.

"There were no assumptions disclosed relating to the prospective financial information as required by law."

Despite the regulator's actions, INNL still has this site live. Plus a couple of purported letters to shareholders here and here.

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7 Comments

Thanks for the links Horace.

Seems Simon Ramoan is well known for his antics:

http://listserv.repp.org/pipermail/gasification_listserv.repp.org/2006-April/004384.html 

 

He says he has a PhD but when checked fails to be registered by any credible University.

 

Does he have any operational gasifcation plants?

This has the appearance of a total scam.

 

OOPs , correction Simon Romana Ph.D

 

Pureant, your link is to Romana defending himself against various accusations, do you have a link to those calling his reputation into existence in the first place? Are there any known prosecutions against Romana?

Romana has previous convictions for fraud and domestic violence dating back to the early '70s. He also suffers from clinical schizophrenia.

Here's a copy of an old 'Listener' article about him:

http://list.web.net/archives/sludgewatch-l/2006-July/001682.html

Your questions are answered near the end of it.

 

Cheers for that Drooler.

Interesting story - can't help thinking ' lie down with dogs, wake up with fleas'