Former 3D Group owner alleges he was dudded

The Australian Securities and Investment Commission (ASIC) is investigating 3D printer manufacturer, 3D Group after one of the partners claimed the main financier partner put it into voluntary administration, formed a new company and bought the assets and IP of the old one, leaving the him, the original inventor, with nothing. Melbourne based 3D Group was trying to develop the world’s largest commercial 3D printer, and showed a prototype in 2014 capable of building items 1000x1000x400m. Inventor Jason Simpson, who built the 3D printer, alleges his then business partner John Conidi mistreated him and failed to communicate financial matters of the company, leaving him without a business or any income. Simpson alleges that Conidi put 3D Group into voluntary administration, then used another company 333D Pty Ltd to buy all the assets of 3D Group from the administrator shortly afterwards. Australian Printer contacted John Conidi for the story but he refused to provide comment. Simpson says his trouble began in 2014. After 32 years working as an engineer and running a business for 14 years, he decided to experiment with building 3D printers. This attracted investors including prominent businessman Conidi who is the managing director of Capitol Health, a publicly listed company worth about $120m.

The world's largest commercial 3D printer, built by Simpson.

The world’s largest commercial 3D printer, built by Simpson.

Simpson told Australian Printer, “Conidi approached me saying he had Victoria’s largest medical imaging company and the expertise and ability to take the company to ASX where he believed it should be.” Simpson says he negotiated with Conidi and with two other partners they started 3D Group in January 2014. By July 2014 Simpson was showcasing a new 3D printer at a Melbourne Expo, it was the largest commercial 3D printer ever built and soon attracted industry attention. But technical issues prevented the 3D printer from being sold, Simpson admits with limited staff on hand to help him he was unable to get the printer working. Simpson also alleges that despite being director of the company, his business partner Conidi made decisions without consulting him and refused to show him the company financials. After a 3D Group business deal went sour in August 2014, Simpson alleges he was pressured to step down as company director and take $200,000, which he refused.  On Christmas Eve 2014 the company was placed in voluntary administration after Simpson refused to take the $200,000 offer to leave the business. He alleges, “I had emails saying that $200,000 is on the table, tomorrow is Christmas, if you don’t take this money you’ll have nothing. “During a six hour meeting they pointed a finger at me saying all the company problems were my fault…but it wasn’t my job to organise money, I didn’t have access to money coming into the company.” Two weeks later Conidi registered a new company called 333D Pty Ltd. Simpson alleges all shareholders from 3D Group were transferred over to 333D, except for himself.

Simpson (pictured) says the alleged betrayal has devastated his career

333D – which bought all 3D Group’s printer designs from the administrator – is now doing quite well, it has a contract to provide merchandise to the AFL, and is about to engineer a reverse takeover of Oz Brewing in order to gain an ASX listing. Simpson is now on Centrelink benefits and says he is unable to work due to the devastation this has caused him. After spending his last $38,000 on legal fees, Simpson says his only option is to wait for ASIC to conclude its investigation. “I hope ASIC agrees and find all of my claims to be true and then take the appropriate action whatever that may be,” Simpson says. “I would love to give advice to people in my situation but the cold, hard truth is unless ASIC are able to protect entrepreneurs there is really nothing you can do. “No one will help you, sex offenders get free legal help, but when you run a business you don’t get free legal help regardless of what happens to you… I really thought ASIC had our backs and would protect us from any wrongdoing, when they do find that they should make it right.”

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