FMA welcomes Petricevic sentencing

26 April 2012

The Financial Markets Authority today welcomed the High Court's sentencing of former Bridgecorp director Rodney Petricevic.

CEO Sean Hughes said: "FMA welcomes this outcome and respects the Court's decision. It's notable that the sentence is at the higher end of the scale and reflects the Court's view of Mr Petricevic's conduct."

Mr Petricevic was found guilty on 5 April 2012 on charges of breaching the Crimes Act 1961, the Companies Act 1993, and the Securities Act 1978. Justice Venning sentenced Mr Petricevic to six and a half years imprisonment.

Former director Robert Roest was found guilty on the same charges and will be sentenced on 18 May 2012.

Former director Peter Steigrad was found guilty on charges of breaching the Securities Act 1978 and will be sentenced on 18 May 2012.

Former director Gary Urwin pleaded guilty to Securities Act charges and was sentenced on 17 April 2012 to two years imprisonment. He has indicated that he may appeal the sentence.

Former director Bruce Davidson pleaded guilty to Securities Act charges and was sentenced on 7 October 2011 to nine months home detention, 200 hours of community work, and payment of $500,000 reparation.

Bridgecorp Ltd and Bridgecorp Investments Ltd were placed in receivership in July 2007 with approximately $459 million owing to 14,500 investors.

Ends

Contact:
Diane Maxwell on 029 200 8194

diane.maxwell@fma.govt.nz