Former Brisbane adviser charged over dishonest conduct
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Appearing at Southport Magistrates Court in Queensland on 18 November, Kristofer Ridgway was 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.
ASIC alleged 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, and would receive, substantial commission payments.
He was released on bail, and the matter adjourned for mention on 3 February 2025.
The penalty for the offence prior to 13 March 2019 is a maximum 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, this rises to 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.
This is the second set of charges against Ridgway following earlier charges brought against him 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.
In 2023, ASIC permanently banned Ridgway from having any involvement in financial services due to concerns that he 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.
This banning is recorded on the ASIC banned and disqualified register.
AUTHOR
Laura Dew
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