Further to the above story, this made the news just a week ago. Interesting name CHAMELEON for a stock connected to crooks LOL, these leopards NEVER change their spots. Interesting to see back door Benny Elias of rugby league fame, is now chairman of Chameleon Mining.
AAP April 10, 2010 4:17AM
CHAMELEON Mining NL's former managing director will serve a jail term after being found guilty on two counts of permitting false and misleading information to be given to the Australian Securities Exchange (ASX). Gregory Barnes was sentenced on Friday in the NSW District Court to nine months' imprisonment with a non-parole period of six months after being found guilty by a jury.
This followed an earlier guilty plea by Landan Roberts, the former director and secretary of Chameleon Mining, to two counts of permitting false and misleading information to be given to the ASX.
Roberts was sentenced to eight months' imprisonment with a non-parole period of five months.
The action was brought by the Australian Securities and Investments Commission (ASIC) following a referral from the ASX.
ASIC had investigated allegations that Roberts and Barnes allowed false and misleading information to be released to the ASX, which related to $3 million purportedly raised by the junior gold explorer during an initial public offer in 2003.
Chameleon said it had issued 15 million shares to two parties in consideration for $3 million, but ASIC contended that Chameleon did not receive payment for the shares.
ASIC said Roberts and Barnes continuously represented to the ASX that Chameleon had the $3 million as cash or that it lent the $3 million back to the two parties.
As a result of the false representations, Chameleon managed to list and trade on the ASX for 13 months without raising the minimum subscription amount, ASIC said.
Roberts and Barnes were granted bail until their separate appeals are heard.
