Bridgecorp's former managing director Petricevic jailed for 6 ½ years

Thursday 26th April 2012

Bridgecorp former managing director Rod Petricevic has been jailed for 6 ½ years for his role in misleading investors and knowingly making false statements in offer documents.

In the High Court in Auckland today, Judge Geoffrey Venning said he didn’t believe Petricevic showed true remorse for his actions in the collapse of the finance company, which cost 14,500 investors some $459 million, the New Zealand Herald reported.

Earlier this month Petricevic was found guilty on all 18 counts of breaching the Securities Act, Crimes Act and Companies Act, and was held in custody. The Crimes Act charges carried a maximum sentence of 10 years imprisonment.

Crown prosecutor Brian Dickey asked for a starting point of eight years, while Petricevic’s counsel, Charles Cato, said six years was adequate.

Bridgecorp executive director Rob Roest, who was convicted on all counts with Petricevic, will be sentenced on May 18 with Peter Steigrad, a non-executive director. Steigrad received bail and was convicted on six of 10 counts relating under the Securities Act.

On April 17, Bridgecorp director Gary Urwin, who pleaded guilty to 10 breaches of the Securities Act, was sentenced to two years in jail and has indicated he will appeal the sentence.

Former chairman Bruce Davidson, who also pleaded guilty, was sentenced last year to home detention, community service and paid $500,000 in reparation.

BusinessDesk.co.nz

Comments from our readers

No comments yet