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
- Housing NZ directors get 63% pay hike
- Chief Justice Elias and hubby Fletcher hit with wet bus ticket over stock in lake
- MARKET CLOSE: NZ shares fall on weak global sentiment; Xero, Spark, A2 drop, Warehouse rises
- Dotcom extradition appeal set for August
- New dairy trading platform signs on Westland Milk
Most listened to
- Green party co-leader James Shaw and Business NZ's John Carnegie go head-to-head on the ETS review
- Cream Trading CEO Kevin O'Sullivan on why dairy companies might want to sign up to the new trading platform
- Paul Brislen on the merits of "cutting off the money" versus Netflix' technical attempts to shut-out unblockers
- Westpac's Dominick Stephens says dairy prices are still a major concern, despite El Niño fears fading
- London School of Economics Professor John Kay discusses financial regulatory shortcomings