Justice catches John Karantzis
Six years on, the iSignthis founder is finally banned from managing companies.
The Federal Court of Australia has finally decreed what we've been saying for years: that John Karantzis is "a serious and continuing risk to the Australian public".
It was almost six years ago that the shares of Karantzis' shady fintech iSignthis were first suspended from trading by the ASX. On Friday, Justice Timothy McEvoy banned Karantzis from managing companies for the next six years, handed him a $1 million personal penalty and also iSignthis (since renamed Southern Cross Payments) a $10 million fine. In this case brought by the Australian Securities and Investments Commission, his Honour ruled on Karantzis' and iSignthis' liability in June last year.
Please allow me to walk you through the highlights reel of this insane tale. The pleasure will be all mine.