World News – AU – NSX (ASX: NSX) falls 15% on trading freeze after ASIC prosecutes director in court

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Motley Fool Australia Stock Market News NSX (ASX: NSX) Falls 15% on Freeze After ASIC Prosecutes Director in Court

Eddy Sunarto | 7th. December 2020, 5:23 pm | More on: ISX NSX V

NSX Ltd (ASX: NSX) was put on hold this afternoon after the operator’s shares fell 15% to 28 cents.

NSX stock has fallen in the news. The Australian Securities and Investment Commission (ASIC) has initiated civil proceedings against iSignthis Ltd (ASX: ISX) and its managing director John Karantzis in federal court.

ASIC claims that iSignthis violated its continuous disclosure obligations by failing to disclose material information on 3 customer contract agreements.

Customers – Corp Destination Pty Ltd, Fcorp Services Ltd and IMMO Servis Group – have entered into agreements that provide unique integration and setup services for trading platforms.

ASIC claims that the revenue generated under the agreements resulted in iSignthis achieving performance milestones leading to the award of 336. 666. Have held 667 performance shares – a substantial majority of which were allocated to iSignthis directors, including Mr. Karantzis.

In particular, ASIC claims that iSignthis did not announce in 2018 that it had one-time and one-time revenues of approx. 3 million. USD. It is claimed that the income comes from the integration agreements.

In an analyst briefing from Mr Karantzis on 3. August 2018, ASIC claims that Mr Karantzis stated that iSignthis one-time fee income was less than 15% of total sales, while ASIC claims that it was in fact 75% of total unaudited income for that period.

As a result of these violations, ASIC said that Mr. Karantzis was involved in iSignthis’s non-compliance with its continuous disclosure obligations and that Mr. Karantzis has violated its directors’s duties under the Corporations Act.

ASIC’s proceeding also relates to iSignthis statements regarding the suspension and termination of its business relationship with global payments company Visa Inc (NYSE: V). .

ASIC claims that iSignthis will continue until April 17. April 2020 did not announce that Visa had ended its relationship with iSignthis.

According to Visa, the decision to terminate was due to the following: “IsignThis does not have adequate anti-money laundering and anti-risk programs. « .

To date, NSX shares have had a good year and are up more than 100%. It owns and operates two stock exchanges in Australia – the National Stock Exchange of Australia Ltd and the IR Plus Securities Exchange Limited.

The NSX business has no relevance or association with iSignthis fintech business. However, it got caught in the crossfire today as its managing director, Mr. Karantzis, is also the managing director of Isignthis.

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Motley Fool employee Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). . Authorized by Bruce Jackson.

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Australian Securities and Investments Commission, Isignthis, ASX: ISX