A former Brisbane financial adviser, who was permanently banned by ASIC in April 2023, has appeared in court charged with two counts of providing false or misleading information to the regulator.
Kristofer Ridgway appeared in Southport Magistrates Court in Queensland on 14 December and was charged with two counts of providing false or misleading information to ASIC during the conduct of a compulsory examination, contrary to section 64(1) of the Australian Securities and Investments Commission Act 2001.
He was an authorised representative of AFS licensee Shaw and Partners from 2015 to 2021 who recommended his clients invest in a range of international unlisted shares sourced by McFaddens Securities Pty Ltd, an Australian financial services firm based in Sydney.
It is alleged 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 his role in recommending unlisted McFaddens Securities shares to clients.
Providing false or misleading information to ASIC during a compulsory examination carries a maximum penalty of five years imprisonment.
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.
Ridgway was permanently banned by ASIC in April 2023 after the regulator felt he was not a fit or proper person to provide financial services, was not adequately trained or competent to provide financial services, and likely to contravene financial services law.
ASIC determined that Ridgway was not a fit and proper person to provide financial services due to conduct between 2015 and 2021 when he:
- Caused some unlisted shares to be transacted between his clients at a significant price differential and used the price margin for his own benefit, including to pay personal debts;
- Disguised that a related party was the true owner and seller of unlisted shares that he arranged his clients to purchase;
- Made false statements in emails to clients in order to encourage them to purchase shares;
- Failed to disclose significant commission payments he received from McFaddens for the sale of unlisted securities to Shaw and Partners;
- Accepted some commission payments in breach of the conflicted remuneration laws, and
- Made false statements to ASIC during an ASIC compulsory examination.
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AS WELL AS ANY OTHER HIGH MANAGEMENT CONTROVERSIES AND TAKEOVERS.
INTERESTED, BECAUSE IT IS USUALLY ONLY THE EMPLOYEES ARE FIRED, RETRENCHED
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