Payments company iSignthis juiced its numbers with revenue from contracts it received no margin on to make sure it hit performance hurdles required to issue chief executive John Karantzis and the company’s board more than 330 million shares, the corporate regulator alleged in court.
Michael Borsky, KC, acting for the Australian Securities and Investments Commission, in an at times combative cross-examination of iSignthis chairman Tim Hart, accused the company in May 2018 of creating a payment structure to boost revenue it never really held.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
