1. News and resources
  2. Cases
  3. Bridgecorp and Bridgecorp Investments (BIL) - Settlement agreement and Judgment

Bridgecorp and Bridgecorp Investments (BIL) - Settlement agreement and Judgment

Page last updated: 12 Mar 2014

FMA alleged that the directors( Rodney Petricevic, Robert Roest, Bruce Davidson, Gary Urwin and Peter Steigrad) made untrue statements in the investment statements and registered prospectuses, prospectus extension certificates of Bridgecorp and Bridgecorp Investments Limited (BIL). They also made other false or misleading statements in Bridgecorp and BIL documents.

Civil proceedings were also been filed by FMA but stayed pending the outcome of the criminal case. The SFO has also laid charges relating to these companies.

12 March 2014

The FMA has consented to an $18.9 million settlement between the receiver of Bridgecorp, the Bridgecorp directors, and their liability insurers. FMA has agreed to end its own civil proceedings against the Bridgecorp directors once the settlement sum has been paid. See media release.

Management ban

The convicted directors are all subject to automatic five year management bans under s60E of the Securities Act. Mr Davidson is banned until 2 September 2016. Mr Urwin is banned until 9 November 2016. Mr Petricevic, Mr Steigrad and Mr Roest are banned until 5 April 2017.

8 November 2013

See COA Judgment

The Court rejected Mr Robert Roest's appeal against conviction and sentence.

24 August 2012

See COA Judgment

Peter Steigrad appeal against sentence was dismissed.

18 May 2012

Mr Roest was sentenced to six years six months imprisonment. He has appealed his sentence and conviction. 

Mr Steigrad was sentenced to nine months home detention, 200 hours community service and $350,000 reparation. He appealed his sentence as well.

26 April 2012

Mr Petricevic sentenced to six and a half years imprisonment. See media release.

17 April 2012

Gary Urwin sentenced to two years imprisonment, he pleaded guilty on 9 November 2011.

5 April 2012

See High Court's verdicts

Justice Venning found Rodney Petricevic and Robert Roest guilty on charges of breaching the Crimes Act 1961, the Companies Act 1993, and the Securities Act 1978 and found Peter Steigrad guilty on charges of breaching the Securities Act 1978. See media release.

7 October 2011

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

12 December 2008

FMA filed criminal charges against non-executive directors on 12 December 2008 and executive directors on 11 May 2009 in the District Court at Auckland.

FMA also filed civil proceedings at the High Court in Auckland under section 55C and related sections of the Securities Act. 

Background

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