Permanently banned adviser faces new charges
A former Brisbane financial adviser who was permanently banned by the Australian Securities and Investments Commission (ASIC) in April has now been criminally charged over misleading the regulator.
ASIC said that the former adviser, Kristofer Ridgway, appeared in the Southport Magistrates Court in Queensland 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 ASIC Act.
It said it would be alleged that Ridgeway 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 Ridgway’s role in recommending unlisted McFaddens Securities shares to clients.
Ridgway appeared in court on 14 December and has been released on bail with the matter being adjourned for mention to 5 February, next year.
ASIC in April banned Ridgway from having any involvement in financial services determining a permanent ban was necessary due to concerns he was 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.
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