Thursday 5th April 2012
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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.
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