Giving Money3 a wide berth

I recently took a quick look at ASX-listed Money3 (MNY AU). A well-known NZ-based small-cap outfit own it and have labelled it one of their top picks, and Ray Malone, of AMA Ltd fame (AMA AU), is also the (non-executive) Chairman. I have followed AMA for a long time and admire the company and what Malone has achieved with it, and made good money on the stock in the past (although I am long out of the stock now - I bought at 5c but sold way way too soon, at about 15c). MNY has also been growing quickly and the stock has done well over the past five years, and trades at superficially modest earnings multiples (a low teen forward earnings multiple, although closer to 2x book).

What I found horrified me, and it suffices to say that I won't be investing.