Sharechat Logo

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

Thursday 26th April 2012

Text too small?

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



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report