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Bridgecorp's Roest jailed for 6 1/2 years, Steigrad gets home detention

Friday 18th May 2012

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Bridgecorp's former executive director Rob Roest has been jailed for six-and-a-half years, matching the sentence handed down to Rod Petricevic, for his role in misleading investors and knowingly making false statements.

Fellow director Peter Steigrad avoided a prison sentence. In the High Court in Auckland today, Judge Geoffrey Venning gave Roest a 10 percent discount from a starting point of seven-and-a-half years, also the same as Petricevic, and said the former finance company director didn't accept the verdicts, the National Business Review reported.

Roestwas convicted on all 18 counts of breaching the Securities Act, Crimes Act and Companies Act, and held in custody. Steigrad, who didn't face charges under the Crimes Act, was sentenced to nine months home detention, 200 hours community service and ordered to pay $350,000 in reparation.

He was found guilty on six of 10 counts relating to the Securities Act. The finance company collapsed in 2007, owing 14,500 investors some $459 million. 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 decided against appealing 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

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