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ISX, ISIGNTHIS LTD
terrine
post Posted: Yesterday, 11:06 AM
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REALLLLLY.... have we got a problem here??
I just dont understand

"Westpac Accused of Millions of Breaches by Anti Money-Laundering Agency
20/11/2019 9:56AM
By Robb M. Stewart

MELBOURNE, Australia--Australia's financial-intelligence agency has sued Westpac Banking Corp. (WBC.AU), alleging the big Australian bank breached anti-money laundering and counter-terrorism reporting obligations on more than 23 million occasions.
The government's Australian Transaction Reports and Analysis Centre, or Austrac, said Wednesday it was seeking civil penalty orders against Westpac in proceedings launched following a detailed investigation into the bank's compliance. Westpac said it had received a statement of claim from Austrac. It said it had previously disclosed that it self-reported a failure to disclose a large number of funds transfer instructions to the agency.
The bank said it was currently reviewing the agency's claim and would issue a further statement when it had been assessed.

Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 19, 2019 17:56 ET (22:56 GMT)"



 
lugaville
post Posted: Yesterday, 07:40 AM
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In Reply To: blacksheep's post @ Nov 18 2019, 07:03 PM

iSignthis calls for action on report
ELI GREENBLAT
SENIOR BUSINESS REPORTER
@EliGreenblat

12:00AM NOVEMBER 21, 2019
Lawyers acting for suspended fintech company iSignthis have written to the securities regulator to complain a damning ­report from proxy advisers Ownership Matters may have contravened sections of the Corp­orations Act and caused com­mercial damage to iSignthis.

HWL Ebsworth partner Colin Almond and senior associate Katherine Allen have written to Australian Securities and ­Investments Commission investigator Colin Luxford asking that the regulator consider if any ­action should be taken against Ownership Matters and the ­author of the contentious iSignthis report, which called out a ­litany of allegations and accounting irregularities.

The ASIC correspondence, obtained by The Australian, ­repeats some of the defences first put up by iSignthis in September when the Ownership Matters ­report was first circulated, raising a series of governance issues.

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But it also sets out an argument for alleged damages that the lawyers claim the global payments processor has suffered since the Ownership Matters ­report was released.

A spokesman for Ownership Matters told The Australian: “We are not being investigated by ASIC, and we don’t expect to be.”

An ASIC ­spokesman declined to comment other than to say the regulator was “aware of the situation, following it closely and in contact with the ASX”.

The letter has emerged amid a bitter dispute between iSignthis and the ASX.

The once $1bn-plus iSignthis, whose shares raced from 11c to more than $1.30 in the space of a year as investors became ­enamoured with its fintech operation, has had its shares suspended since the beginning of last month as the markets operator seeks answers from the company about its clients, revenues, accounting practices, market disclosures and links to customers involved in cryptocurrency markets.

When the Ownership Matters report was published and sent to its clients, it shook investor confidence in the company and raised questions about the reliability of its revenue and profits, with the stock plunging before it was later suspended.

Lawyers acting for iSignthis have contacted ASIC to inform the corporate regulator of its clients’ concerns and the potential impact on its reputation, ability to raise capital and regulatory costs.

“In the circumstances, iSignthis considers that the publication of the (Ownership Matters) report has caused it to suffer damage, including, but not limited to: detrimentally ­affecting its ability to raise capital; capital being raised at a ­decreased value; tarnishing the company’s trademarks with unfounded corporate governance concerns particularly in circumstances where the company ­operates in a highly regulated ­industry; detrimentally affecting its reputation with regulators and prospective regulators; and increased regulatory oversight, reporting and costs.’’

ELI GREENBLATSENIOR BUSINESS REPORTER
Eli Greenblat has written for The Age, Sydney Morning Herald and Australian Financial Review covering a range of sectors across the economy and stockmarket. He has covered corporate rounds such as telecommunica... Read more

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blacksheep
post Posted: Nov 18 2019, 07:03 PM
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In Reply To: lugaville's post @ Nov 7 2019, 06:57 AM

ASX keeping up the pressure - another round of "difficult" question answered today ->>>> https://www.asx.com.au/asxpdf/20191118/pdf/...nxr9lkyll41.pdf

ASX wrests answers from iSignthis on offshore links
Jonathan Shapiro and Vesna Poljak
QUOTE
Payments unicorn iSignthis has disclosed that contracts with offshore entities that ASIC has warned could be operating trading scams helped it achieve a key historical revenue target.


QUOTE
In a lengthy examination of iSignthis' links to offshore providers of online contracts for difference, cryptocurrencies and other trading services, iSignthis confirmed that it has had agreements with a mysterious Australian entity called Corp Destination Pty Ltd, Marshall Islands-registered FCorp Services Ltd and Nona Marketing Ltd, and the Czech-registered IMMO Servis Group.

These four companies contributed $3.5 million, or up to 63 per cent, of the revenue generated by iSignthis in the half ending June 30, 2018.

read more - https://www.afr.com/markets/equity-markets/...20191118-p53bjb

QUOTE
]Nona Marketing Ltd[/b]
ABCDEFGHIJKLMNOPQRSTUVWXYZ#
ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia.

The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.

More information on dealing with investment scams and banking and credit card scams.

Nona Marketing Ltd
also known as FTO Capital


Ajeltake Road Ajeltake Island Majuro
Marshall Islands

P: +44 2080682565
cs@ftocapital.com
http://www.ftocapital.com


https://www.moneysmart.gov.au/scams/compani...a-marketing-ltd

https://scambroker.com/fto-capital/

Melbourne investors stung in global foreign exchange scam
Herald Sun-19 Jun 2018
They were contacted on their mobiles by shysters claiming to be from a company called FTO Capital, and lost their money after being promised



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
lugaville
post Posted: Nov 7 2019, 06:57 AM
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In Reply To: blacksheep's post @ Nov 6 2019, 12:00 PM

yes more to this then has surfaced imo.. taking a long time to re list if it was straight forward

 
blacksheep
post Posted: Nov 6 2019, 12:00 PM
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In Reply To: blacksheep's post @ Nov 1 2019, 12:31 PM

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Weimin Xie is the chief visionary officer and portfolio manager at MX Capital.

Do you own iSignthis, and do you think the unicorn valuation is appropriate?

We don't own ISX and never had. We looked at the stock at around 14¢ a year ago and decided to not invest. The area of business that ISX focused on are high-risk merchants that the major banks choose not to deal with, this entails large latent risks which are now being revealed by the ASX queries.

https://www.afr.com/markets/equity-markets/...20191104-p53755



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 1 2019, 12:31 PM
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Posts: 6,657
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Australia stock market probe hints at magnitude of alleged Israeli scam industry
QUOTE
Australian payment facilitator iSignthis, in trouble with regulators, admits to processing up to $69 million for a single Israeli forex/CFD company in a month

https://www.timesofisrael.com/australia-sto...-scam-industry/


Interesting one of ISX's largest shareholders (Red5) is also located in Cyprus - must be a popular place to do business
QUOTE
Call centers in Cyprus and the Philippines
According to the Australian liquidation court filings, OTCapital.com operated from call centers in Cyprus and the Philippines while AGM Markets (Alphatrade.com) operated from a call center in Israel known as Falcon IC&T Ltd, which according to Israel’s corporate registry is owned by Nissim Alfassi, one of nine suspects indicted by the US Department of Justice in February.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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terrine
post Posted: Oct 24 2019, 11:05 AM
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The Company has presented its results at the Goldman Sachs Annual Tech Day in Sydney.
My opening remarks to the Goldman Sachs Tech Day Conference were:
"As you are no doubt aware, iSignthis – like so many companies in the FinTech space - is in the midst of a regulatory inquiry.
To date we have answered questions ranging across such diverse subjects as our EU licences, our audited revenue figures and our shareholders to Bitcoin, binaries and our old bank.
What I can tell you today is that we are actively engaging with the regulators and we are yet to see a question that gives our board or our executive team any cause for concern about our continuous disclosure, our due diligence or our business operations.
We will keep our shareholders updated as we are able, but our priority now is to answer questions from regulators and help them understand our business and what we do."
Expect that Company to respond in detail in the next 1-2 business days to further queries received from the ASX.
We are working to lift the suspension as soon as possible.
The outlook for the Company continues to be extremely positive, with growth prospects in the EU looking favourable well into the future.
Thank you for your support.
Regards
N J (John) Karantzis


 
blacksheep
post Posted: Oct 10 2019, 12:12 PM
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In Reply To: nipper's post @ Oct 10 2019, 11:35 AM

Have you read this one from Joe Aston AFR- iSignthis and Red 5's unforgettable breastfeeding antics

I came across that pic a while back also



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Oct 10 2019, 11:35 AM
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another summary:
QUOTE
The iSignthis Ltd (ASX: ISX) controversy is no nearer to resolution after the self-styled ‘paydentity’ business told investors the sudden suspension imposed by both securities regulators ASIC and the ASX was nothing to worry about.

In fact iSignthis claimed the suspension was good news as it gave it the opportunity to “clear up rumour and innuendo” around the business’s ownership structure and compliance with continuous disclosure obligations.

In its announcement the company referred to “significant media focus” over the ownership of iSignthis shares held in separate legal entities named iSignthis BVI and Red 5 Solutions Ltd.

According to the announcement, on 16 March 2015 iSignthis issued escrowed performance rights convertible into shares after two years (i.e. in March 2017) to the CEO, two family members, and a number of other named individuals.

It then denied that any directors or ‘related parties” have sold shares in iSignthis since its resisting in March 2015.

This is important because continuous disclosure obligations impose strict conditions forcing companies to disclose when directors or related parties (i.e husbands, wives, etc) sell shares in a business, as this is considered material information for public investors.

iSignthis also claimed that performance rights (convertible to shares) were issued to a number of individuals in Red 5 Solutions, but not of them were directors or related parties other than the CEO’s brother Andrew Karantzis.

The fact it claims none of Red 5’s iSignthis shareholders were legally definable as ‘related parties’ under its interpretation of the Corporations Act is important as this means it does not have to disclose whether anyone who held iSignthis shares in Red 5 had sold shares.

It did concede that the company secretary for Red 5 is the iSignthis CEO’s sister-in-law and different stakeholders are free draw their own conclusions from this situation.

Between March 2017 and September 2019 iSignthis shares went from 16 cents to as high as a $1.76 on the back of a series of announcements revealing huge growth in its gross processing turnover volume (GPTV) that it earns fixed fee revenue on.

Even at its last closing price of $1.07 it has a market cap of $1.17 billion as the share count and investor excitement balloons. In its announcement it also reminded investors ‘two previous audits’ have been conducted on its revenue figures with ‘no material concerns arising’.

So while the company claims it’s done nothing wrong, the suspension imposed by regulators is highly unusual in an otherwise lightly regulated local market.

For now though there’s absolutely no suggestion iSignthis is involved in any malpractice itself.

- smoke/ fire interface



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
lugaville
post Posted: Oct 8 2019, 06:15 PM
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In Reply To: lugaville's post @ Oct 8 2019, 11:59 AM

iSignthis shareholder disclosures raise more questions
Jonathan Shapiro and Vesna Poljak
Oct 8, 2019 — 6.35pm

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iSignthis says it has no obligation to disclose further information about its second-largest shareholder, British Virgin Islands-registered Red 5 Solutions, after revealing this week the managing director's brother is a shareholder of Red 5 but not the sole owner of the mysterious entity.

In response to questions, an iSignthis spokesman said he could not answer on behalf of Red 5 Solutions, which owns more than 10 per cent of iSignthis.

On Monday, iSignthis revealed that Andrew Karantzis, the brother of boss John Karantzis, was a shareholder of Red 5 Solutions. It also disclosed that the company secretary of Red 5 was Irene Naumova, who is married to Andrew Karantzis.

John Karantzis is understood to have gone overseas this week and sources said he was presenting to Goldman Sachs clients in London on Thursday.

iSignthis was suspended from trading by the Australian Securities Exchange last week pending the outcome of inquiries by the exchange and the Australian Securities and Investments Commission.

“ISX has made multiple disclosures regarding our shareholder breakdown. The company has this week made additional and voluntary disclosures to dispel the rumour that any directors of ISX or individuals who are classified as a 'related party' of the company have never held shares in Red 5. This is absolutely not the case,” iSignthis' spokesman said on Tuesday.

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"All questions regarding ISX’s shareholders should be directed to those shareholders.”

iSignthis had previously said in response to questions about Red 5 that it is "not privy to the ownership" of shareholders other than individuals.

The BVI company appeared on the iSignthis share register in September last year with 130 million shares. It sold 17.5 million shares in February this year. Red 5 holds performance rights on behalf of a number of early staff.

Andrew Karantzis is the company's chief of sales and was named in Monday's announcement as one of eight "angel" investors who had backed the business before it floated.

John Karantzis previously declined to respond directly when the Financial Review asked him whether Andrew Karantzis had an interest in Red 5. He said "no related parties" held shares.

However, a connection was inferred because Ms Naumova, who signed Red 5's stock exchange disclosures, had appeared in social pages photographs at an event with Andrew Karantzis. She also told a journalist from The Daily Mail in 2018 that she resides in Cyprus and her husband, Andrew, was a company director.

iSignthis has maintained that its disclosures are adequate and no Red 5 investors or beneficiaries qualify as "related parties" as defined by the Corporations Act.

However, issues could arise depending on the nature of associations between the entities, such as determining whether there is sufficient liquidity in the stock, used to calculate the free float, and considered by index providers for index inclusion.

The ASX was unable to comment at this time, because it is one of the issues being looked at in the broader iSignthis enquiry, a spokesman said on Tuesday.

iSignthis has strongly rejected claims that its ownership structure is "opaque".

However, it may have had to disclose further details of its ownership to European financial authorities as part of its Electronic Money Institution application.

A document produced by Deloitte to assist clients in applying for a licence with Cypriot authorities advised that legal or natural persons with a holding of more than 10 per cent are required to complete a questionnaire.

iSignthis has an office in Cyprus and its subsidiary iSignthis eMoney Ltd is authorised by the Central Bank of Cyprus.

Shares in iSignthis remain suspended while the ASX and ASIC seek responses to several issues relating to the company.

iSignthis said on Monday the suspension gave it an opportunity to "clear up rumour and innuendo" surrounding the business, and attributed the queries to share price volatility.

Last month, iSignthis declined to explain the nature of alerts set off at Danish bank KAB last year, after a joint investigation by The Australian Financial Review and Danish business publication Børsen revealed that KAB received 26 alerts relating to foreign transfers in and out of the account of iSignthis eMoney.

iSignthis assured the market it "adheres [to] or exceeds" its regulatory requirements.

The alerts related to unusually large foreign transfers and were triggered between June 14 and July 23, 2018; 10 of 14 alerts in June related to payments into the iSignthis subsidiary account and 10 of 11 alerts in July related to payments out of the account.

 
 


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