Sharechat Logo

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

Friday 18th May 2012

Text too small?

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



  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