Kristofer Ridgway issued a permanent ban from financial services
ASIC has issued a permanent ban against Kristofer Ridgway, a former financial adviser based in Brisbane, preventing him from any involvement in financial services. The decision was made due to concerns that Ridgway is not a fit and proper person to provide financial services, lacks adequate training or competence in this field, and is likely to violate financial services law.
During his tenure as an authorised representative of AFS licensee Shaw and Partners from 2015 to 2021, Ridgway recommended his clients invest in various international unlisted shares sourced by McFaddens Securities. McFaddens is an Australian financial services firm based in Sydney with business connections in the United Kingdom.
Ridgway promoted international unlisted shares in pre-IPO companies, including Steppes Alternative Asset Management, Trinus Impact Capital, and ASAF Critical Metals and its Australian subsidiary Aus Streaming Limited (which is now in liquidation).
ASIC found that Ridgway engaged in conduct between 2015 and 2021 that renders him unfit to provide financial services. This includes:
Facilitating transactions of unlisted shares between his clients at significant price differentials and using the price margin for his own benefit, including paying personal debts.
Concealing that a related party was the true owner and seller of unlisted shares that he arranged his clients to purchase.
Making false statements to clients to encourage them to purchase shares.
Failing to disclose significant commission payments received from McFaddens for the sale of unlisted securities to Shaw and Partners.
Accepting some commission payments in violation of the conflicted remuneration laws.
Making false statements to ASIC during an ASIC compulsory examination.
Mr Ridgway’s banning has been recorded on ASIC's banned and disqualified register.
Mr Ridgway has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
This information comes from the official ASIC media release on the 13th of April 2023 and is true at the time of publishing. To read ASICs media release click here.
Update 18/12/2023 - Kristofer Ridgway charged with providing false or misleading information to ASIC.
Former Brisbane financial adviser Kristofer Ridgway has appeared at the Southport Magistrates Court in Queensland, facing two charges of providing false or misleading information to ASIC during a compulsory examination, as outlined in section 64(1) of the Australian Securities and Investments Commission Act 2001 (Cth).
Allegations are that Ridgway provided false or misleading information to ASIC during a compulsory examination conducted by the organization as part of its investigation into Ridgway's involvement in recommending unlisted McFaddens Securities shares to clients.
Ridgway made his appearance on December 14, 2023. He was subsequently released on bail, and the case has been adjourned for mention on February 5, 2024, at the Southport Magistrates Court.
Providing false or misleading information to ASIC during a compulsory examination carries a maximum penalty of 5 years imprisonment.
This update comes from an additional ASIC media release on the 18th of December 2023 and is true at the time of publishing. To read this additional ASIC media release click here
Update 19/11/2024 - Kristofer Ridgway charged with dishonest conduct
Former Brisbane-based financial adviser Kristofer Ridgway has been charged with 26 counts of dishonest conduct related to providing financial services, this conduct is in breach of sections 1041G and 1311(1) of the Corporations Act 2001 .
The charges stem from allegations that between 2016 and 2020, Mr. Ridgway facilitated investments for his clients in Steppes Alternative Asset Management and Trinus Impact Capital. This was done without disclosing that as a result of these investments he would receive significant commission payments.
Mr. Ridgway appeared at Southport Magistrates Court in Queensland on the 18th of November, 2024. He was granted bail, with the case adjourned until February of 2025.
These charges follow charges laid in December of 2023, where Mr. Ridgway was accused of providing false or misleading information to ASIC. Both sets of charges are now before the Court. The case is being prosecuted following a referral from ASIC.
This update comes from an additional ASIC media release on the 19th of November 2024 and is true at the time of publishing. To read this additional ASIC media release click here
