Great opportunity for Isignthis

  1. 10.9k
  2. 3.6k

    wont re list imo

  3. 73.2k

    will re-list elsewhere on the NSX or internationally but i can see a legal challenge to the ASX coming

    besides listing is only important if you need to raise cash

    1 like
  4. 3.6k

    done and dusted.. glad i bailed on the hype good luck from the OTE days

  5. 73.2k

    time will tell but yes i exited when the business model got very complicated ( when it hit $1 )

    but would love to see the regulators get shaken up have seen too many anomalies elsewhere ( CDU , CTP and many more )

  6. 3.6k

    $$ been made on hype was it a scam ?? time will tell??

  7. 73.2k

    hard to tell after the Hayne Royal Commission seems there were too many scams to prosecute

  8. 3.6k

    wont re list imo

  9. 3.6k

    never relist imo ASIC sues iSignthis, Karantzis over disclosures
    Jonathan Shapiro and Vesna Poljak
    Dec 7, 2020 – 6.54pm


    The corporate regulator is suing iSignthis chief executive John Karantzis alleging that he failed to adequately disclose how revenues that resulted in hundreds of millions of bonus shares being issued to him and key staff were earned.

    In a statement of claim filed to the Federal Court on Monday, the Australian Securities and Investments Commission said that Mr Karantzis had engaged in misleading and deceptive conduct when he told analysts that just 15 per cent of revenues earned during the bonus calculation period were non-recurring, when it was in fact closer to 75 per cent.

    ASIC also claimed that iSignthis’ failure to disclose that $3 million of revenues earned during that period from contracts with three customers related to projects that were outsourced at a cost of $2.85 million, resulting in a fraction of net revenues for shareholders.

    The controversial award of 337 million of bonus shares, that were at one stage worth over $500 million, was the subject of a report by governance firm Ownership Matters in September 2019.

    The shares were issued after iSignthis booked revenue of $5 million in the six months to June 30, 2018, thereby achieving the requirement to hit an annualised revenue rate of $10 million, three years after the company listed via a backdoor listing.


    Ownership Matters branded the company’s ownership structure opaque and questioned how it narrowly achieved the revenue target, claims that were refuted by Mr Karantzis.

    The report and subsequent coverage by The Australian Financial Review led to a bout of share market volatility that eventually led to the company’s suspension in October 2019. That suspension has remained in place as both regulators and the exchange have scrutinised the company.

    However, the source and nature of the revenue, uncovered by ASIC and the Australian Securities Exchange, are now the subject of civil proceedings against both Mr Karantzis and iSignthis filed in the Federal Court on Monday.

    Australian Securities Exchange filings revealed that the bulk of the $5­million of revenues that were earned in that six-month period was via development contracts with just three customers: Corp Destination, Fcorp Services Ltd and IMMO Servis Group.

    But in a statement of claim, ASIC says the fact that $3 million of revenues were accompanied by $2.85 million of outsourcing costs should have been disclosed.

    The three companies subsequently contributed less than $4000 of revenues in the following six months, ASIC said.

    Analyst call claims
    iSignthis, in a statement to the ASX said that it had received the claim and would make a further announcements “if appropriate, when it has had the opportunity to consider the allegations”.

    iSignthis is itself suing the ASX claiming damages for the contents contained in a filing by the exchange, outlining why the company had remained suspended. The ASX is defending the legal proceedings.

    The corporate regulator has also homed in on comments made by Mr Karantzis to analysts just after the half-year period, which it has alleged are misleading.

    On 3 August 2018, Mr Karantzis told investors and analysts that less than 15 per cent of the revenues were derived from one-off contracts. However ASIC says the actual figure was closer to 75 per cent.

    ASIC also cited an analyst note penned by Patersons analyst Martyn Jacobs, received by Mr Karantzis, which said the fact that 85 per cent of revenues were derived from recurring business “should provide the market with confidence that [iSignthis] has genuinely met the threshold to achieve all three tranches of the performance shares”.

    This, ASIC said, resulted in “inaccurate or materially incomplete information” being put into the market and was a departure from the requisite standard of care and diligence required of directors.

    Finally, ASIC claimed that investors were misled when iSignthis told the ASX the company was subject to a routine risk review audit by credit card giant Visa.

    Visa revelations
    The regulator said that Visa had in actual fact suspended iSignthis in March because it had violated the payments company's rules by “not implementing and maintaining an anti-money laundering program” that is meant to prevent the system from “facilitating money laundering or the financing of terrorist activities”.

    The Visa letter from March also “identified unusual transaction activity, including an unexpectedly high volume of cross-border transactions by United States cardholders and a high number of transactions with merchant category codes often associated with miscoded and/or illegal gambling”.

    The Visa relationship was terminated on 17 April, however ASIC said the company only informed shareholders on 24 May that its contractual relationship with Visa will end in 90 days and then on August 17 said the relationship was terminated because of a business model "inconsistency".

    ISignthis managing director John Karantzis.
    More of the same from iSignthis
    iSignthis had touted its principal membership of the Visa card scheme, which it secured in October 2017, to shareholders on several occasions, according to the statement of claim.

    The chairman’s letter described this as a major development in the 2019 annual report while describing its revenue as dependent on “continued membership in international payment schemes”.

    Mr Karantzis is suing Fairfax Media, the publisher of

  10. 1.6k

    ASIC will use the system to make a statement....payback

    The penalty if proven will be the new yard stick imo.

    1 like
  11. 3.6k

    yep but will never relist ,,,

  12. 3.6k

    wont re list imo..

  13. 3.6k

    well, who would have thought....

    I met JK & his company secretary years ago. Very very unimpressive 'men'. It was clear these guys were cowboys and this would end badly. I was an early investor, but as mentioned here before when red flags start waving it pays to pay attention and run. Luckily I ran and advised others to do so as well. I hope no one loses their house (beside's JK of course) over this. At the least I hope those who fell in love with the stock learn that is not a good idea. Emotional investing usually ends badly.

    1 like
  14. 3.6k

    What is the salary of Barnaby Warburton?
    As the Independent Non-Executive Director of iSignthis Ltd, the total compensation of Barnaby Warburton at iSignthis Ltd is AUD$259,800. There are 3 executives at iSignthis Ltd getting paid more, with Nickolas Karantzis having the highest compensation of $861,282.

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