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September 27, 2007

The Invisible Condom Scam

posted by MR WAVETHEORY at 9/27/2007 06:46:00 AM

Want an invisible condom? That's what an Australian detergent company hoped would get investors to get its stock up. Well, it's a scam. According to the Australian Securities Exchange, a company called Citrofresh claimed to have an invisible spray on condom. It was too good to be true. You can just imagine what happened next! Investors got scammed by the businessman behind the biocide company. The website of Citrofresh is offline. The company is being sued and fined $400,000 for false marketing.

According to the exchange,

ASIC has obtained orders in the Federal Court declaring that Citrofresh engaged in misleading conduct in contravention of section 1041H of the Corporations Act - ASIC's proceedings against Citrofresh and Mr Ravi Narain, its then-managing director, arose from statements made in two company announcements to the Australian Stock Exchange Ltd on 27 and 29 September 2005 - the Court declared that Citrofresh engaged in misleading conduct

It's back to making detergent for Citrofresh!

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