soust found guilty

SLT's illustrious ex-leader...nothing but a scam this company to line the pockets of the boyz club.

Everyone is leaving in droves like rats, even the chairman bailed out. Good luck in trying to ring the company up they have changed all of their numbers.

This dog should be put down but I suspect some massive dilution will occur with a change in business plan to keep the host alive a little longer...
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http://www.theaustralian.com.au/business/city-beat/lindsay-tanner-admits-they-got-it-all-wrong-on-employee-share-scheme/story-e6frg9no-1225830682498

Soust's false market

A Federal Court judge yesterday found in regulator ASIC's favour in a civil case it launched in January last year against Martin Soust , then CEO of biotiddler Select Vaccines. ASIC sought and got a declaration from Justice Alan Goldberg that Soust had manipulated the stock's share price on December 31 2007 and had created a false and misleading market in the stock.

He had bought shares in the company at 2.5c, a 25 per cent increase on the 2c market price, in his mother's name.

The judge also found Soust had breached his duties as a director and used his position as a director improperly to gain an advantage for himself and his company Martin Soust & Co.

ASIC said yesterday he had been party to an agreement with the company whereby payment of a bonus to his company was linked to the share price of the company on that date.

Soust quit the Select board in August citing "personal and family reasons".

There will be a further hearing on April 7 to rule on whether Soust will pay a penalty of up to $200,000 and/or face a period of disqualification from managing a company.