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 and 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