It is alleged that Ridgway 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 his role in recommending unlisted McFaddens Securities shares to clients.

Earlier this year, ASIC permanently banned Ridgway from having any involvement in financial services. ASIC determined a permanent ban was necessary due to concerns that 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.

If convicted, Ridgway faces a maximum penalty of 5 years, imprisonment, says ASIC