John Karantzis knowingly made false representations about the level of recurring revenues achieved by iSignthis in 2018 to obtain 336.7 million performance shares on behalf of himself and associates, the Federal Court in Melbourne heard on Tuesday.
Mr Karantzis is defending civil proceedings brought against him and iSignthis by the Australian Securities and Investments Commission, which alleges breaches of directors duties, continuous disclosure obligations, false representations, and a failure to take reasonable steps to ensure information he gave to the ASX was not false or misleading.
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