A judge has handed iSignthis and its director $11 million in penalties for failing to give adequate disclosures and giving misleading information to the ASX, saying reliance on legal advice was no reason to reduce the fine.
Hoping for a discounted penalty, fintech iSignthis has won its bid to adduce evidence of without prejudice offers it made to reach a resolution with ASIC before the regulator took it to court.
The former CEO of fintech iSignthis would need a loan to pay a $1.5 million penalty sought by the corporate regulator for breaches of directors duties, a court has heard.
A court has found iSignthis and its former CEO Nickolas John Karantzis breached the Corporations Act in disclosures to the stock market about one-off revenue and the termination of the fintech’s business arrangement with Visa.
iSignthis CEO John Karantzis claims the ATO misled the court when it sought a freezing order over his assets in a dispute over an alleged $10.7 million tax debt, saying the tax office failed to give the judge “material” information.
A judge has extended by a week a freezing order over the assets of ISignthis CEO John Karantzis in a dispute with the Australian Taxation Office over a $10.7M alleged tax debt, but a bid to extend the scope of the order to include shares in a Cyprus-based company launched by the fintech businessman has failed for now.
The CEO of Bob Jane T-Marts has failed to halt his public examination by the liquidator of the firm Last Lap, which is currently involved in a shareholder dispute with the Australian tyre franchise.
Fintech company iSignthis has upped its demand for damages in a lawsuit against ASX for a second time, filing documents with the Federal Court that claim the market operator’s decision to suspend its shares has cost it almost half a billion dollars.
Fintech firm iSignthis has revealed that it has spent over $1 million in legal costs pursuing its $264 million lawsuit over misleading and deceptive conduct against the Australian Stock Exchange.
Fintech company iSignthis, which initially sought $27 million from the ASX in a suit alleging the market operator’s suspension of its share led to lost contracts, has increased the claim for damages to more than $264 million.