Bridgecorp directors found guilty
Three former directors of failed finance company Bridgecorp have been found guilty of misleading investors.
Thursday, April 5th 2012, 10:40AM
by Niko Kloeten
Rod Petricevic, Rob Roest and Peter Steigrad all faced 10 charges relating to false information in Bridgecorp prospectuses, while Petricevic and Roest faced extra charges relating to false claims the company had never missed a payment to investors.
Justice Geoffrey Venning's verdict, delivered this morning in the High Court at Auckland, found Petricevic and Roest guilty on all charges, while Steigrad was found guilty on five of the ten charges he faced.
The charges, brought by the Financial Markets Authority, carry a maximum penalty of five years in prison or a $300,000 fine.
Former Bridgecorp chairman Bruce Davidson, who pleaded guilty last year before the marathon trial began, was sentenced to home detention and ordered to make $500,000 reparation and do community work.
Fellow director Gary Urwin has also pleaded guilty and is scheduled to be sentenced later this month.
Bridgecorp collapsed in July 2007 owing $459 million to 14,000 investors.
Roest and Petricevic also face Serious Fraud Office charges, which are due to be heard at a trial starting in September.
Justice Venning remanded both men in custody, while granting bail for Steigrad, who lives in Sydney.
Niko Kloeten can be contacted at niko@goodreturns.co.nz
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