Former iSignthis CEO Loses Appeal Against Six-Year Australian Director Ban
By Damian Chmiel
AI summary of the source article
An Australian appeal court largely upheld a six-year corporate management ban and A$11 million in penalties against former iSignthis CEO Nickolas John Karantzis. Karantzis currently serves as CEO of Paris-listed Cyprus e-money firm Xryma.
Why it matters
The appeal court said the harm from the conduct reached the integrity of the market and was not limited to losses suffered by identified shareholders.
Key facts
- The Full Court of the Federal Court of Australia upheld a six-year director ban and A$11 million in penalties against Karantzis and iSignthis.
- The court case stemmed from misleading disclosures regarding one-off revenues in 2018 and the failure to disclose the termination of a Visa relationship in 2020.
- Karantzis is currently managing director and group CEO of Xryma, an e-money institution licensed by the Central Bank of Cyprus.
Source excerpt · Finance Magnates
An Australian appeal court has largely upheld a six-year ban from managing corporations against Nickolas John Karantzis, the former chief executive of payments firm iSignthis. The Australian Securities and Investments Commission (ASIC) announced the ruling today (Tuesday). Karantzis now runs a listed European payments group. He is managing director and group chief executive of Xryma, the Cyprus-ba…