Former adviser charged with providing false or misleading information

Kristofer Ridgway, a former financial adviser who was permanently banned earlier this year, has appeared at the Southport Magistrates Court in Queensland charged with two counts of providing false or misleading information to the Australian Securities and Investments Commission (ASIC) during the conduct of a compulsory examination, contrary to section 64(1) of the Australian Securities and Investments Commission Act 2001 (Cth).

It is alleged that Mr Ridgway provided false or misleading information to ASIC while he was being examined during a compulsory examination conducted by ASIC as part of its investigation into Mr Ridgway’s role in recommending unlisted McFaddens Securities shares to clients.

Mr Ridgway appeared on 14 December 2023. He was released on bail and the matter was adjourned for mention on 5 February 2024 in the Southport Magistrates Court.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral by ASIC.

Providing false or misleading information to ASIC during a compulsory examination carries a maximum penalty of five years’ imprisonment.

In April, ASIC permanently banned Mr Ridgway from having any involvement in financial services.

In a statement at the time, the regulator said it had determined a permanent ban was necessary due to concerns that Mr 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.

From 2015 to 2021, while an authorised representative of AFS licensee Shaw and Partners, ASIC said that Mr Ridgway had recommended his clients invest in a range of international unlisted shares sourced by McFaddens Securities. McFaddens is described as an Australian financial services firm based in Sydney with business connections in the United Kingdom.

According to ASIC, Mr 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, which is now in liquidation.