The director of Dotnet Limited and Hotlinks Internet Services, Andrew Groffrey Thomson, had appealed against the original sentence imposed on him by County Court of Victoria Judge Davey, who ordered he serve three months in jail, pay an AU$1,000 fine and be placed on a two year good behaviour bond.
A statement issued by the Australian Securities and Investment Commission (ASIC) said Thomson was sentenced on three charges relating to the dissemination of false and misleading information on August 20 this year.
ASIC argued the false and misleading information was "likely to induce investors to subscribe for shares in the dotcom companies," and that Hotlinks had claimed it had "perfected an internet technology called Genesis, when this was not the case".
According to earlier statements issued by ASIC, Hotlinks claimed its Genesis application was capable of replicating Web sites 'on a scale never seen before', allowing its clients to earn revenue from advertising while promoting their products and services. The company specialised in developing websites for sporting clubs, including several AFL teams.
Both Thomson and Dale Cameron Munckton, another director, first faced court over the matter in January 2002. Opting to plead guilty in a court appearance in October last year, Munckton was sentenced to a 12 month good behaviour bond and was fined AU$2,000.
Both Hotlinks and Dotnet were placed into liquidation on 7 March 2001.
