Steve Hargreaves reviews and complaints

Note: International Innovations Limited is now (May 2013) in Liquidation

Steve Hargreaves aka Stephen Hargreaves
was the CEO of International Innovations Limited (IIL) International Innovations Europe Limited (IIE) until June 20, 2012 and has established a new company in Malta to raise funds for a new venture which, I believe, is going the same way as all his previous ones.

Hargreaves has never established a company that has been successful, starting in 1999 with Richter Technology, Linear Energy, SDTL and recently IIL/IIE. What are the chances his new company, IIL-Malta, will go the same way? I would say 100%!

His only personal investment was $600 for 400m shares in IIL (launched with 600m shares).

His modus operandi is simple:
1. Establish a company and issue lots of shares to yourself - at least a third or more of the shares
2. Get hold of an exciting patent by buying it with newly issued shares and if necessary involve the inventor as co-founder. Get your name on the Patent.
3. Establish yourself as CEO and Chairman making sure that your remuneration is at least €200, 000 plus all expenses with pension pot on top.
4. Issue new shares to whoever needs to get compensated for providing a service to the company; make life intolerable for fellow directors encourage them to leave.
5. Start selling your own shares to unsophisticated investors at fantastic prices to finance your very expensive lifestyle (€200’000 is not enough to make ends meet)
6. Work towards a public listing of the company but never do it. Always find excuses why it couldn’t have been done when intended.
7. Use the “fact” that the company is going to list soon as bait to convince shareholders to buy more shares (average down). Once the company is listed the shares will be more expensive.
8. Delay paying taxes or don’t pay at all. Blame everyone else for failure. Just ignore that trading while insolvent is illegal.
9. Keep pleading for money from shareholders to finance the running of the company, patent renewals etc. etc. because you are unable to run a business with a proper budget and cost control.
10. Do lots of travel (all in style - preferably first class - and take a companion of your choice along). Remember, expenses come first and patent renewal fees last.
11. When the tax office applies too much pressure, skip the country. Relocation paid for by the shareholders.
12. and start steps 1 - 11 all over again preferably in a country where it’s easy to frustrate the authorities of previous countries you have operated from [i.e. Australia then Poland].

Mr Hargreaves always sounds very convincing because deep down he believes everything he says and does. He thinks he is simply the best! Any potential investor is well advised to check Hargreaves’ credentials and should consider the possibility that Mr Hargreaves could be deluded when he tells [his version of] the truth. You will notice he always blames others (events and mostly persons) for everything that didn’t go his way, because his way is the only way - there is nothing else! At the end of the rainbow [after the company is listed on the stock exchange] is a pot of gold waiting for you.

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Hargreaves failed with his Malta venture, went back to Poland and lives now since April 2013 in Mauritius. He is desperately trying to find new investors. Hargreaves track record is Zero return! If you can afford to lose all your money then invest and you will be Hargreaves' new best friend. Be prepared that he will always come back for more.
After Mauritius he will try South Africa. Be warned - he sounds very convincing. It all makes sense what he says! The only problem is Hargreaves himself. He goes completely overboard with his spending habits. No wonder, because he is unable to plan ahead with facts and figures. Nail him down on this and you will see how competent he really is. In the past 20 years, with his involvement, there was never a return on investment. If you question him on this he will always blame events and persons. He cannot be at fault, because he is simply the best.
Hargreaves never listens to advice or heeds warning signals. He seems to be deluded. He cannot understand that his visions of grandeur are way over the top. He is convinced that he must be the central figure in order "to make things happen".
The only thing that happens is money flowing into his pocket.
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Steven, Stephen or Stephen Michael Hargreaves was the CEO of International Innovations Ltd (IIL) until June 2012.

He has founded 5 companies to my knowledge over a 10 year plus period; None of which have ever listed or made anything but a loss for their shareholders,

These companies are Richter Technology, Linear Energy, Select Design Technology Ltd (SDTL) as well as International Innovations Ltd (IIL) and International Innovations Europe Ltd. (IIE). The later are companies created to exploit a patent which describes a method to convert waste heat into electricity cheaply. All are or were Australian companies.

The price of shares in SDTL, which like all of these companies was about to list, was anything from 10c to 40c . The company never listed and has basically faded to nothing. Investors in SDTL were given 1:1 shares (but 1c shares) in 10% of IIL when SDTL failed. IIL shares were at the same time sold at higher than 1c. For shareholders buying in at the end of SDTL this was a tenfold decrease in the 'value' of their shares in a few months. Mr Hargreaves got approximately 400m IIL shares in a total of 600m shares for $600. Is this fair on the many Mum and Dad investors?

Many shareholders invested their retirement income in these ventures, there were annual promises to list. IIL does own patents in some countries but that is all there is to show since its foundation 8 years ago, It has an acknowledged good idea which has never been brought to fruition, where other companies with more complex but similar ideas have been in production for many years.. Where has the $AUS10m invested in the company gone you might ask. Well mostly on the salary and expenses of the CEO.

Most IPO companies look after the seed investors who have been with the company since inception; IIL as operated by this man is the exact opposite. He has sold his shares and new shares in the company to maintain the salary ($300000 pa) of the CEO, At the last count there were 12 billion shares issued for IIL. The last price was 1/4c (0.25c). This shows scant regard for the early shareholders.

Mr Hargreaves is reputed to be setting up a new company in Malta exploiting the patents owned by IIL.

If I were asked to invest in this company, I would look at the track record of this man. I would recommend that any potential investor carry out due diligence of their own on Stephen (call me Steve) Hargreaves.

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Steven, Stephen or Stephen Michael Hargreaves was the CEO of International Innovations Ltd (IIL) until June 2012.

He has founded 5 companies to my knowledge over a 10 year plus period; None of which have ever listed (despite that aspiration almost every year) or made anything but a loss for their shareholders, Jam tomorrow never happened.

These companies are Richter Technology, Linear Energy, Select Design Technology Ltd (SDTL) as well as International Innovations Ltd (IIL) and International Innovations Europe Ltd. (IIE). The later are companies created to exploit a patent which describes a method to convert waste heat into electricity cheaply. The first four are or were Australian companies.

The price of shares in SDTL, which like all of these companies was about to list, was anything from 10c to 40c . The company never listed and has basically faded to nothing. Investors in SDTL were given 1:1 shares (but 1c shares) in 10% of IIL when SDTL failed. IIL shares were at the same time sold at higher than 1c. For shareholders buying in at the end of SDTL this was a tenfold decrease in the 'value' of their shares in a few months. Mr Hargreaves got approximately 400m IIL shares in a total of 600m shares for $600. Is this fair on the many Mum and Dad investors?

Many shareholders invested their retirement income in these ventures, there were annual promises to list. IIL does own patents in some countries but that is all there is to show since its foundation 8 years ago, It has an acknowledged good idea which has never been brought to fruition, where other companies with more complex but similar ideas have been in production for many years.. Where has the $AUS10m invested in the company gone you might ask. Well not into the production of an actual machine.

Most IPO companies look after the seed investors who have been with the company since inception; IIL as operated by this man is the exact opposite. He has sold new shares in the company to maintain the salary ($300000 pa) and expenses of the CEO, At the last count there were approximately 1.2 billion shares issued for IIL. The last price was 1/4c (0.25c). This shows scant regard for the early shareholders.

Mr Hargreaves is reputed to be setting up a new company in Malta, exploiting the patents owned by IIL.- is this legal, ethical or moral?

If I were asked to invest in this new Malta company, I would look at the track record of this man. I would recommend that any potential investor carry out due diligence of their own on Stephen (call me Steve) Hargreaves.

Stephen Hargreaves Director will ask for money and will promise to deliver the world but you will not even get an Atlas for your millions of dollars invested.
This companey is also chasing him ;From: Michael Douglass
[Michael.[protected]@linkmarketservices.com.au]
Sent: 18 May 2011 02:06
To: Steve Hargreaves - IIL
Cc: Sumit Singh

Subject: Fw: International Innovations Limited (IIL) 2011 AGM - Final Fee

Hi Steve,

The below AGM invoice remains outstanding. Can you please advise of intended payment
date?

Thanks,

Mike
Michael Douglass
Client Relationship Group

Link Market Services Limited
* Level 12, 680 George Street, Sydney South NSW 2000
: Email: michael.[protected]@linkmarketservices.com.au
The ATO are owed millions as are 660 share holders.
This man is not a man he is a RAT WITH A GOLD TOOTH.
Trust him at your peril.