By Adele Ferguson
Kristofer Ridgway, a former senior financial adviser at Shaw and Partners, has been charged with 26 counts of dishonest conduct related to financial services. The charges, which were filed on November 18, stem from his involvement in a fraudulent scheme where he allegedly misled clients and took secret commissions.
Ridgway, 46, is accused of placing clients in two unlisted financial products—Steppes Alternative Asset Management and Trinus Impact Capital—between 2016 and 2020 without disclosing to them that he was receiving undisclosed commissions. These actions are in violation of financial regulations, as taking secret commissions is illegal.
Kerrilyn Ridgway, Kristofer’s estranged wife, expressed shock upon learning of the charges. “I was truly shocked when I saw the new charges,” she said. “This was a man that I trusted for 36 years of my life. But everything was a lie and he was not the person I thought I knew.”
The maximum penalty for Ridgway’s charges could be 15 years in prison. He was granted bail and is scheduled to return to court for a hearing on February 3 next year.
In addition to these charges, Ridgway faces accusations of providing false or misleading information during a compulsory investigation by the Australian Securities and Investments Commission (ASIC). He allegedly misrepresented investment recommendations during the investigation, which could carry an additional five-year prison sentence if proven.
Ridgway’s downfall began in early 2022 when one of his clients filed a complaint about a failed investment. The client, who had invested in a complex global scheme, described the situation as a “nightmare” that had devastated his family financially, mentally, and physically.
The investigation revealed that Ridgway had secretly invested millions of dollars of clients’ funds into unapproved financial products, breaching company policies. It also surfaced that Ridgway had been taking commission rates as high as 17 percent—far beyond the typical 1 percent—while promoting these fraudulent investments.
In an on-camera interview with 60 Minutes in April 2023, Ridgway confessed to taking secret commissions and acknowledged that he now believed the investments were “100 percent a scam.” He admitted to making the “wrong decision” by getting involved in the scheme, which ultimately led to his downfall.
Additionally, Ridgway admitted to forging his wife’s signature on numerous documents, including loan agreements and share transfers. He also placed her on company boards without her knowledge or consent.
The investigation continues, with prosecutors preparing to bring Ridgway to trial for his role in the financial fraud scheme. His case highlights the growing risks in the financial advisory industry, emphasizing the need for stronger oversight and accountability.