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The charges against former Brisbane-based financial adviser Kristofer Ridgway’s mounted this week when he appeared in Southport Magistrates Court facing 26 counts of dishonest conduct in relation to the provision of financial services.
The latest charges come almost a year after Ridgway, a former stockbroker with Shaw and Partners until his dismissal in 2022, faced two counts of providing false or misleading information to the Australian Securities and Investments Commission (ASIC) during a compulsory examination.
The latest charges allege that Ridgway facilitated investments on behalf of his clients in Steppes Alternative Asset Management and Trinus Impact Capital from 2016 to 2020, failing to disclose to his clients that he was entitled to “substantial” commission payments.
During the period, Ridgway was an authorised representative of Shaw and Partners and had recommended his clients invest in a range of international unlisted shares sourced by McFaddens Securities.
Ridgway is alleged to have 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 has since been liquidated.
Last year’s charges of providing ASIC with false or misleading information stem from the corporate regulator’s compulsory examination of Ridgway as part of its investigation into his role in recommending unlisted McFaddens Securities shares to clients.
ASIC has since cancelled the Australian financial services licence of McFaddens Securities and last year permanently banned Ridgway from having any involvement in financial services.
ASIC says the ban was necessary due to concerns that Ridgway “is not a fit and proper person to provide financial services, is not adequately trained or competent to provide financial services and is likely to contravene financial services law”.
Ridgway was released on bail after yesterday’s court appearance on the dishonest conduct charges with the matter adjourned for mention on 3 February 2025.
For offences that occurred before 13 March 2019, the charges faced by Ridgway carry a maximum penalty of 10 years’ imprisonment, while offences after this date are up to 15 years’ imprisonment.
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