Kristofer Ridgway Banned Permanently: Investors Asked to Step Forward
Kristofer Ridgway, a former financial adviser, has been permanently banned by ASIC for engaging in misconduct. Investors who received advice from Ridgway, especially regarding specific companies, are urged to seek legal assistance.
ASIC has permanently banned Brisbane-based former financial adviser Kristofer Ridgway from having any involvement in financial services.
ASIC determined a permanent ban is 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, Mr Ridgway:
- 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 for 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 McFadden 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.
During those six years, while an authorised representative of AFS licensee Shaw and Partners, Mr Ridgway recommended his clients invest in a range of international unlisted shares sourced by McFaddens Securities Pty Ltd (McFaddens).
Mr Ridgway promoted international unlisted shares in pre-IPO companies including Steppes Alternative Asset Management, Trinus Impact Capital, ASAF Critical Metals and its Australian subsidiary Aus Streaming Limited, which is now in liquidation. FD Legal is investigating these companies and the advisors who recommend them.
Getting Legal Help for Bad Financial Advice
If you’ve received advice from Krisofer Ridgway, especially in regards to Steppes, ASAF Critical Metals, or Trinus Impact Capital, and would like to discuss your situation, contact FDLegal at 1300 433 533 or email us at enquiry@fdlegal.com.au. We are committed to ensuring our clients receive the best possible advice and guidance on their situation, especially in financial matters.
