Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- NZX milk powder futures point to fifth successive decline in looming GDT auction
- Chinese firm to buy another dairy farm group for $43m
- New electricity retailer offers naked power
- New govt website lets you upload your own flag design — and it's immediately hijacked by naysayers
- MARKET CLOSE: Stocks rise, ANZ, Fletcher gain