In a move the Australian Securities and Investment Commission (ASIC) is describing as a world first, Miller has been prevented from circulating information via his Web site, www.stocktracker.com.au, or via Internet Relay Chat. To further inhibit the site operating as an illicit information source regarding listed companies the court also ordered Miller to remove the metatags 'stock market advice', 'trading advice', 'stock tips', 'online advice' and 'ASX'.
-Action has been taken against fraudulent and misleading Web sites before, but this is the first time we have been able to restrict the metatags used to attract investors to the site," explained an ASIC spokesperson.
While ASIC is unsure how many people may have been affected by the misleading information published on the site, a recent spot test showed as many as 150 logged on at any given time.
-Not only had Miller published information which he had embellished himself as though it were a legitimate ASX announcement, he was also promoting his services as a financial advisor with out a licence, which is in itself illegal," the spokesperson said.
Miller has already complied with a court order to state on his Web site that an announcement regarding IPT Systems was false and unauthorised, and appears willing to comply with court orders to publish specific documents regarding the case.
-The Federal court made orders on 29th January, 2002 which I consented to and I attach a copy of these orders to this Web site," reads the Web site. -A full copy of the court orders will be attached as soon as they are e-mailed to me."
On his Web site Miller also claims that the "embelished" information in question was published due to an minor oversight and not a deliberate attempt to mislead the public.
ASIC is urging caution against fraudulent financial advisors, and suggesting consumers check their credentials at www.fido.asic.gov.au before acting on any advice.
