Sharechat Logo

Bridgecorp's Petricevic, Roest & Steigrad found guilty: reports

Thursday 5th April 2012

Text too small?

The directors of failed lender Bridgecorp have been found guilty of making untrue statements in offer documents, according to media reports.

Judge Geoffrey Venning in the High Court in Auckland found managing director Rod Petricevic and chief financial officer Rob Roest guilty of all 10 charges of breaching the Securities Act, while director Peter Steigrad was found guilty on five of the 10 charges, according to reports.

The Financial Markets Authority, previously the Securities Commission, alleged the men made untrue statements in investment statements and prospectuses between 2006 and 2007.

The charges carry a maximum penalty of five years’ imprisonment or a fine of up to $300,000. Civil proceedings were delayed until the conclusion of the criminal case.

Company chairmen Bruce Davidson pleaded guilty last year and was sentenced to home detention and community service, and paid $500,000 in reparation. Director Gary Urwin also pleaded guilty and is awaiting sentencing.

Bridgecorp collapsed in 2007, owing some 14,000 investors about $459 million. The failed lender’s receivers expect just 3.5 cents in the dollar, or $16.1 million, will be repaid to investors.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

NZ dollar withstands poor manufacturing data
Bublitz to serve home detention following appeal
Former G8 boss takes over management of Evolve
Precinct boosts earnings, withholds $34m from Fletcher
Sky TV shares rise on US$40m RugbyPass acquisition
Precinct boosts earnings, withholds $34m from Fletcher
Sky TV shares rise on US$40m RugbyPass acquisition
NZ manufacturing activity shrinks for first time in seven years
Orr defends RBNZ rate cut, says monetary policy looks ahead, not behind
Michael Hill underlying earnings fall 14% as margins squeezed

IRG See IRG research reports