Australia ยท Federal Court of Australia in ASIC civil penalty proceedings
Nickolas Karantzis: director ban
Under appeal ASIC noted that iSignthis and Karantzis lodged an appeal on 5 September 2025 against the decisions on liability and penalty. The Lawyer Magazine reported in May 2026 that the appeal was heard in March 2026 and was yet to be determined. No outcome was found as of 27 October 2026.
Grounds
ASIC said the court found Karantzis failed to exercise his powers and discharge his duties with reasonable care and diligence, was involved in iSignthis's continuous disclosure failures about 2018 revenue and costs, and failed to take reasonable steps to ensure information he gave the ASX about the VISA termination was not false or misleading.1
Companies
iSignthis Ltd (now Southern Cross Payments Ltd)
Record
- ASIC announced Justice McEvoy ordered a 1 million dollar penalty and a six year disqualification ([2025] FCA 917).1
- ISX Financial EU Plc, where he was managing director, said he would appeal.3
- Appeal lodged against the liability and penalty decisions.1
- The appeal was heard in the March 2026 sittings, according to The Lawyer Magazine.2
Response
ISX Financial EU Plc said on 8 August 2025 that he "will be lodging an appeal" and "is unable to comment on the judgment."
Sources
- Australian Securities and Investments Commission, 25-158MR ASIC secures million-dollar penalties from iSignthis and former director and CEO Nickolas John Karantzis (8 August 2025)
- The Lawyer Magazine (Australia), Federal Court clears wider claims against Southern Cross Payments, Grant Thornton (7 May 2026)
- ISX Financial EU Plc (via Mondo Visione), ISX Financial EU PLC: Managing Director to appeal Australian civil judgement and orders (8 August 2025)
A disqualification restricts acting as a company director for the period stated. It is a civil measure and is not a criminal conviction unless stated. How bans work.