Regulatory Alerts2025-08-08
ASIC secures million-dollar penalties from iSignthis and former director and CEO Nickolas John Karantzis
ASIC Deputy Chair Sarah Court announced that the Federal Court ordered iSignthis Ltd, now Southern Cross Payments Ltd, to pay a $10 million penalty for breaching disclosure laws between 2018 and 2020. Former CEO Nickolas John Karantzis was penalized $1 million and disqualified from managing corporations for six years for failing to ensure accurate information was provided to the ASX. The court found the company engaged in misleading conduct by misrepresenting revenue sources and failing to disclose significant financial details and the termination of its relationship with VISA.
Share