Thousands of families around the world may not know it yet, but their life savings might have gone missing.
It appears they were tricked into thinking they were getting an early tip on stocks that were about to be listed. Truth is, those stocks still haven’t listed.
In an explosive confession on 60 Minutes, stockbroker Kris Ridgway admitted to taking part in this multibillion-dollar global financial scheme he claims was masterminded by Britain-based Andy Turner and Australian David Sutton.
In an explosive confession on 60 Minutes, stockbroker Kris Ridgway admitted to taking part in this multi-billion dollar global financial scheme he claims was masterminded by British based Andy Turner and Australian David Sutton. (60 Minutes)
Ridgway confessed to the con he played on his clients, including friends and clients who trusted him with their hard-earned money.
“I knew it was wrong. They said ‘we’ll pay you a decent commission’. I guess I was greedy. I was desperate for money, and I made a decision to let them sway me,” he told Adele Ferguson.
Ridgway ran the operation off the books while he was employed as a senior financial advisor at a reputable Brisbane investment firm, Shaw and Partners.
When the firm found out, Ridgway was immediately questioned, then fired.
No one at Shaw and Partners knew about Ridgway’s activities.
“I told the clients what I was told, so they felt as though they were having an investment that continued to be more and more prosperous,” he said.
Ridgway claims Britain-based Andy Turner (left) and Australian David Sutton (right) are the masterminds behind the multi-billion dollar global financial scheme. (60 Minutes)
Andy Turner’s response to questions via email
“I was not a founder of any of the companies mentioned, and the only renumeration (sic) that I have received for services provided from any of the companies mentioned was in shares of the companies,” Andy Turner wrote in an email.
“As far as I am aware [the shares] were all sold to sophisticated investors who were fully aware of the risks involved in purchasing shares at a deep discount to net asset value. Unfortunately, due to Covid and the subsequent financial markets turmoil of the past 18 months the market for IPOs has dried up with London recording its worst market for IPOs for 14 years.
“The investors should be fully aware that any public offering is subject to market conditions.”
Investors, he said, can sell their shares on a secondary placing market.
Kris Ridgway was a senior adviser at the prestigious Brisbane wealth management firm, Shaw and Partners. (60 Minutes)
Statement from Shaw and Partners
“Without our knowledge or approval, Mr Ridgway introduced parties to investments that now appear to be fraudulent. He deliberately circumvented all internal processes, systems and procedures to deceive us and his clients. This was all done outside of Shaw and he worked with external parties to facilitate his disgraceful activities.
“On becoming aware of Mr Ridgway’s side activities, we terminated his engagement with us, reported his illegal conduct to the regulator and committed to a comprehensive remediation program designed to compensate the impacted parties concerned and we are working with them to make good and uphold our corporate responsibilities which we take extremely seriously.
“It is our hope that the regulators and other authorities use the full force of their powers, and quickly, to hold those ultimately responsible to account and bring this to all to an end with justice being served.”
Statement from the Australian Securities and Investments Commission (ASIC)
“This matter is complex and multijurisdictional, involving companies and conduct across multiple countries. It is important that ASIC undertakes its investigation in a thorough and comprehensive manner. We commenced our investigation into this conduct in March 2022 and announced our first administrative outcome on 13 April 2023.
“It said it has permanently banned Kristofer Ridgway from having any involvement in financial services and that its investigation into David Sutton, as well as companies associated with Sutton and Ridgway, continues.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
