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Bridgecorp's Roest pleads guilty over yacht fraud

Former Bridgecorp chief financial officer Robert Roest got an extra three months' jail after pleading guilty to charges relating to the purchase of a luxury yacht using $3.5 million of company funds.

He appeared at the Auckland District Court today for charges brought by the Serious Fraud Office relating to the purchase of the yacht Medici.

Roest was given an extra three months in prison, on top of the six and a half years he is already serving after being found guilty on earlier charges brought by the financial markets authority.

He also pleaded guilty to charges brought by the IRD relating to misapplication of PAYE deductions.

Bridgecorp director Rod Petricevic last month also pleaded guilty to SFO charges relating to the Medici purchase.

SFO chief executive Adam Feeley says Roest's guilty plea brings the investigation to a close.

"The public have every reason to be cautious about giving trust and confidence to a sector that caused such considerable losses.

"However, these and other recent convictions will hopefully help rebuilt their confidence that offenders will ultimately be held to account," Mr Feeley says. 

More by Caleb Allison

Comments and questions
4

'...the purchase of a luxury yacht using $3.5 million of company funds'.

But look on the bright side - somebody picked up a real bargain at $1.2

Not if the yacht was worth $1.2m in the first place.

Who is to know what happened to the $3.5m? Secret commissions? Another mistress?

surely you're not suggesting any malfeasance took place are you?

Oooooohh Bubba very happy with outcome. Means me get to cuddle Rump Roest for 3 more months; yummmy yummmy.