Former financial adviser Kristofer Ridgway, based in Brisbane, has been charged with 26 counts of dishonest conduct related to financial services, corporate regulator ASIC reported.
The charges, under sections 1041G and 1311(1) of the Corporations Act 2001 (Cth), stem from allegations that he failed to disclose substantial commission payments while facilitating investments for clients.
The alleged misconduct occurred between 2016 and 2020, involving investments in Steppes Alternative Asset Management and Trinus Impact Capital. It is claimed that Ridgway did not inform his clients of the commissions he was entitled to receive.
Ridgway appeared at the Southport Magistrates Court in Queensland on Nov. 18, where he was granted bail. The case has been adjourned for further mention on Feb. 3.
The charges add to earlier accusations brought against Ridgway in December 2023 for allegedly providing false or misleading information to ASIC during an investigation.
Both matters are now before the same court.
The charges carry significant penalties, reflecting the severity of the alleged offences, ASIC said.
For conduct before March 13, 2019, the maximum penalty is 10 years imprisonment, a fine of $810,000, or three times the benefits gained.
For offences after this date, the penalties increase to 15 years imprisonment or 45,000 penalty units, whichever is greater.
In 2023, ASIC permanently banned Ridgway from participating in the financial services industry. According to ASIC, the decision was based on concerns over his lack of competency, likelihood of contravening laws, and unsuitability for financial services roles.
Ridgway’s ban is recorded in ASIC’s banned and disqualified register.
The charges he now faces for providing false or misleading information during a compulsory ASIC examination carry a maximum penalty of five years imprisonment.
The case continues to highlight ASIC’s commitment to holding financial service providers accountable and protecting consumer interests.
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