Former Brisbane-based financial adviser Kristofer Ridgway has been charged with 26 counts of dishonest conduct in relation to the provision of financial services, contrary to sections 1041G and 1311(1) of the Corporations Act 2001 (Cth).
It is alleged that Mr 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, and would receive, substantial commission payments.
Mr Ridgway appeared at Southport Magistrates Court in Queensland on 18 November 2024, was released on bail, and the matter adjourned for mention on 3 February 2025.
These charges follow earlier charges brought against Mr Ridgway in December 2023 for allegedly providing false or misleading information to ASIC during an examination. Both sets of charges are now before the Southport Magistrates Court.
The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
Background
The s1041G and 1311(1) charges for offending prior to 13 March 2019 carry a maximum penalty of 10 years’ imprisonment, or the greater of $810,000 or a fine of three times the total value of the benefits, or both.
For the period after 13 March 2019, the s1041G and 1311(1) charges carry 15 years’ imprisonment, or a fine of 45,000 penalty units or three times the benefit derived and detriment avoided because of the offence, or both.
In 2023, ASIC permanently banned Mr Ridgway from having any involvement in financial services. ASIC 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 (23-095MR).
Mr Ridgway’s banning is recorded on ASIC’s banned and disqualified register.
Mr Ridgway is facing charges for providing false or misleading information to ASIC during a compulsory examination which carries a maximum penalty of 5 years imprisonment (23-342MR).