Another George Monemvasitis Scam?The AUD 35.2 Million Anti-Counterfeit Deal and the Fraud Questions It Left Behind
USD 12.5 million in annual revenue. A USD 67.2 million forecast. Dozens of world-famous organisations. A 53% share-price surge. Then the buyer walked away because required conditions remained unfulfilled by George's company.
Published 6 October 2026 - Exchange filings and contemporary reporting
USD 12.5M
promoted annual revenue
USD 67.2M
2018 revenue forecast
AUD 35.2M
proposed acquisition value
53%
reported share-price surge
The revenue number came with two words that change the entire story:unaudited management accounts.
The pitch
George's company arrived carrying a valuation, a growth story and a wall of famous names.
In September 2015, ASX-listed Charter Pacific introduced Integrity Systems as a global anti-counterfeiting company operating for more than fifteen years. The announcement described patented labels, a mobile verification application, international sales offices and strong revenue earned in U.S. dollars.
George Monemvasitis was the company's president. Integrity's product was called GenuineThread: a security thread placed inside labels so products could be authenticated, identified and tracked. A U.S. trademark directory identifies George personally as the owner of the GenuineThread mark. Open the trademark record
The October binding-agreement announcement said Integrity was generating USD 12.5 million in annual revenue and expected strong growth. But the footnote says that revenue was based on unaudited management accounts. The figure was not presented as audited financial performance. Read the market announcement
The credibility wall
The announcement placed some of the world's biggest brands behind the pitch.
The binding-agreement announcement called these organisations a sample of the client base then using Integrity's technology. The filing did not show the contracts, revenue contributed by each name or duration of each relationship.
Famous names created instant credibility. The public record still does not disclose which relationships were current, how much revenue they produced or what the buyer verified before the deal collapsed.
The deal machine
Hundreds of millions of shares, a proposed capital raising and a complete corporate transformation.
The October agreement began with 332.5 million Charter Pacific shares for Integrity's vendors, plus as many as 180 million deferred shares tied to future Charter Pacific share-price milestones. Charter Pacific also proposed raising up to AUD 14 million to fund Integrity's expansion and changing its own name to Integrity Systems Limited.
By December, the announced stock purchase agreement called for 704 million shares at AUD 0.05 each: AUD 35.2 million in paper consideration. Reuters reported the agreement to acquire 100% of Integrity. Read the transaction summary
Contemporary coverage added an even larger promise: revenue was projected to reach USD 67.2 million by 2018. The announcement moved the market. Charter Pacific shares reportedly rose as much as 53% to 4.6 cents. Read the contemporary report
332.5M
initial consideration shares
Up to AUD 14M
proposed expansion capital
704M
shares in the December agreement
The collapse
Six months after the AUD 35.2 million announcement, the buyer terminated the deal.
Charter Pacific's official 2016 report records what happened. The stock purchase agreement reached its 31 May cut-off date with certain conditions precedent still unfulfilled by Integrity Systems. Charter Pacific terminated the agreement.
The AUD 35.2 million acquisition vanished. The planned capital raising vanished. The proposed transformation of Charter Pacific into Integrity Systems vanished.
The public termination notice did not identify each failed condition. It did not reconcile the USD 12.5 million revenue claim, the USD 67.2 million forecast or the famous-brand list. It simply recorded that requirements remained unfulfilled by Integrity. Open the official annual report
Faces behind the deal
The people whose names appeared around the AUD 35.2 million transaction.
George Monemvasitis
President, Integrity Systems
Named as Integrity's president in the exchange announcements. The U.S. GenuineThread trademark record also identifies George personally as its owner.
Kevin Dart
Executive chairman, Charter Pacific
Fronted the listed buyer and publicly described Integrity as one of Charter Pacific's best opportunities, with established income and major growth potential.
Photo and transaction coverageEd Dietrich
Anti-counterfeiting consultant
Integrity announced that it had retained Dietrich and his consultancy, collIDe, for strategic and market development work.
These roles are not interchangeable. George led the company being sold. Kevin Dart led the proposed buyer and voiced the market-facing enthusiasm. Ed Dietrich was announced as an external consultant. The failed transaction does not, by itself, establish misconduct by Dart or Dietrich.
The technology did not disappear
Integrity's acquisition collapsed. George's anti-counterfeiting pitch returned through Solos.
A later RAIN Alliance directory lists a business called Solos Integrity Systems. George subsequently promoted Solos through retail and professional sport using the same broad themes: embedded product technology, authentication, tracking and engagement.
The public filings reviewed here do not explain what assets, customer contracts, patents or licences moved from Integrity Systems into Solos, or what consideration was paid. That missing bridge matters because the failed acquisition had assigned enormous value to Integrity's revenue, customers and technology.
Open the industry directoryThe collapse in five acts
Promotion, valuation, market reaction, deadline, termination.
The market is introduced to Integrity Systems
Charter Pacific announces an agreement to acquire the company and describes it as a global anti-counterfeiting business with strong U.S.-dollar revenue.
Source ->The binding deal and the blockbuster claims
The announcement promotes USD 12.5 million in current annual revenue, identifies the figure as based on unaudited management accounts and publishes a list of famous organisations said to use the technology.
Source ->The valuation reaches AUD 35.2 million
The stock purchase agreement calls for 704 million Charter Pacific shares at AUD 0.05. Contemporary coverage reports a USD 67.2 million 2018 revenue projection and a share-price rise of as much as 53%.
Source ->The deadline passes
The cut-off date arrives with required conditions still unfulfilled by Integrity Systems.
Source ->Charter Pacific terminates the transaction
The listed buyer announces that the stock purchase agreement has ended. The anticipated acquisition, capital raising and corporate transformation do not occur.
Source ->Questions George must answer
Was this a real AUD 35.2 million business - or a hype machine built around unaudited numbers?
- 01
What records supported the USD 12.5 million annual revenue figure, and was it ever independently audited?
- 02
Which of the famous organisations were paying customers when the announcement was released?
- 03
How much revenue did each advertised relationship actually produce?
- 04
What assumptions produced the USD 67.2 million forecast for 2018?
- 05
Which conditions required from Integrity remained unfulfilled at the cut-off date?
- 06
Did Charter Pacific identify problems during due diligence that were never disclosed in the short termination notice?
- 07
Who stood to receive the 704 million consideration shares, and in what proportions?
- 08
What happened to Integrity's contracts, staff, customer data and intellectual property after the deal collapsed?
- 09
How did the technology later emerge under the Solos Integrity Systems name?
- 10
Why should later investors or counterparties trust the next George Monemvasitis projection without audited proof?
Bottom line
The pitch created value immediately. The promised transaction never delivered.
The market was shown a mature international company, USD 12.5 million in revenue, extraordinary clients and explosive growth. The proposed acquisition valued Integrity at AUD 35.2 million, while the buyer's shares reportedly jumped as much as 53%.
Then the buyer terminated the transaction because conditions remained unfulfilled by George's company. No acquisition. No announced AUD 14 million expansion raise. No public reconciliation of the unaudited revenue, the forecast or the famous-brand list. The corporate transformation disappeared, but George carried the anti-counterfeiting story into another venture.
Scam?
George's unaudited numbers require answers
Primary record set