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Bridgecorp's Roest gets an extra 3 months jail for role in Medici fraud

Friday 17th August 2012

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Aug. 17 (BusinessDesk) - Former Bridgecorp chief financial officer Rob Roest had another three months added to his six-and-a-half year jail term for his role in the $3.5 million fraudulent acquisition and financing of the Medici luxury launch.

Roest pleaded guilty to one Crimes Act charge and two Companies Act charges brought by the Serious Fraud Office in the Auckland District Court today. The extra jail-time comes from his conviction and sentence for 18 counts of breaching the Securities Act, Crimes Act and Companies Act brought by the Financial Markets Authority and its predecessor the Securities Commission.

"The public have every reason to be cautious about giving trust and confidence to a sector that has caused such considerable losses," outgoing SFO chief executive Adam Feeley said in a statement. "These and other recent convictions will hopefully help rebuild their confidence that offenders will ultimately be held to account."

The white-collar crime investigator brought the charges against Roest and former managing director Rod Petricevic over the use of Bridgecorp funds to buy the yacht in 2002.

The Medici was owned by a company called Poseidon which was wholly owned by Petricevic but Petricevic and Roest ensured Bridgecorp paid for the boat and its operating costs as well as providing security for a loan to Poseidon, the SFO said.

Roest is appealing his FMA conviction and sentence, the SFO said.

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