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ISX, ISIGNTHIS LTD
blacksheep
post Posted: Dec 5 2019, 09:48 AM
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Is this a first - an ASX listed company suing the regulator?

Commencement of Federal Court proceedings against the ASX

QUOTE
Melbourne, 5th December 2019: iSignthis Limited (ASX: ISX | FRA: TA8) (“the Company”) has commenced
legal proceedings against ASX Limited in the Federal Court of Australia to challenge the decisions made by
the Australian Securities Exchange (“ASX” or “the exchange”) to suspend, and not reinstate, the Company’s
shares for quotation on the exchange.

The Company is seeking, among other things, orders which require the ASX Ltd to lift the suspension and
reinstate ISX’s shares for quotation on the exchange.

ISX is concerned that investors are being denied the opportunity to trade their shares.

ISX is also concerned that the continuing suspension could harm the Company’s standing with investors,
customers and suppliers.

The Company regrets that it has been necessary to seek judicial intervention.
“We have taken this step in order to lift the suspension of ISX’s shares. We are acting in the interest of our
shareholders, as they have been denied the basic right to trade our shares for too long,” said the
Company’s Chairman, Tim Hart.
The Company’s Chief Executive Officer, John Karantzis, said “the company has responded promptly to each
request for information from the ASX.”

“We have answered scores of questions and provided more than 2000 pages of confidential documents
dating back almost three years,” said Mr Karantzis. “We have been patient and acted in good faith, but the
Company’s shares have been suspended for nine weeks.”

Since the Company’s shares were suspended, ISX has answered diverse questions from the ASX such as:

• Why a bundled service is billed on a bundled basis;
• Why it selected a particular European bank to hold client funds;
• How much did a change to Apple’s privacy settings last year affect revenue;
• What website names are used by a customer;
• How its revenue is broken down by country; and
• Whether or not it offers services for initial coin offerings (ISX does not).

The Company believes that the interactions with the ASX during the last nine weeks raise issue of
procedural fairness and good faith, as well as a substantive question about the actual reason for the
suspension.

A copy of the Company’s Statement of Claim is attached in the Appendix.




--------------------
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: Dec 2 2019, 07:32 PM
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Patersons analyst had 663k reasons to love iSignthis
QUOTE
From July 30 to August 29 this year, he increased his price target on the stock by 381 per cent. His email reaffirming his buy recommendation and $2.07 per share valuation was hitting inboxes a good 30 minutes after the stock was suspended from trade on October 2. Where it remains.

“The analyst owns shares in ISX”, was Patersons’ disclosure on Jacobs’ research. And they weren’t kidding. The Caulfield South resident has 662,800 shares to his name. Those babies were worth $709,196 at their last outing, $1.37 million by his reckoning but, in due course, probably zero. Cents in the dollar at best. And all that backbreaking tyre-pumping for nought. The indignity!

read more - https://www.afr.com/rear-window/patersons-a...20191201-p53ftw

Another example why one should take broker recommendations with a grain of salt



--------------------
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
 
terrine
post Posted: Nov 21 2019, 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: Nov 21 2019, 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



--------------------
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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Posts: 34


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

 

sentifi.com

Share Cafe Sentifi Top themes and market attention on:


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

QUOTE
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



--------------------
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: 6,791
Thanks: 2304


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
 
terrine
post Posted: Oct 24 2019, 11:05 AM
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Posts: 587
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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
 
 


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