Steven Phillip Heaton of South Melbourne, Victoria has pleaded guilty to two charges of fraud totalling $1,092,500.33.

Mr Heaton was a former director of Independent Products Pty Ltd A.C.N. 169 714 032 (now deregistered) and HVPS Holdings Pty Ltd A.C.N. 169 713 615 (In Liquidation).  The companies were incorporated to commercialise an air-conditioning invention that claimed to have significant energy efficiencies.

An ASIC investigation found that on or about 9 November 2015, Mr Heaton made false representations to an investor about the claimed energy efficiencies produced by the air conditioner and that BHP Billiton Limited (as it was then known) had agreed to purchase 100 units for its mining operations in Queensland, when this was not the case. Based on his representations, the investor loaned Independent Products Pty Ltd $117,500.

Between about 31 August 2015 and about 20 January 2017, Mr Heaton made similar false statements to a number of investors who collectively invested a total of $975,000.33 with Independent Products Pty Ltd and HVPS Holdings Pty Ltd.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral of a brief of evidence by ASIC.


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The matter has been listed on 16 November 2022 for a plea hearing.