Former gas industry managers jailed over $9.75m fraud

A former Managing Director and a former General Manager from the retail gas industry have been sentenced in the Wellington District Court today in relation to Crimes Act charges laid by the Serious Fraud Office (SFO).

Ronald Peter Rosenberg (72) and Sydney Lio Hunt (46) were found guilty in April this year of dishonestly using documents involving at least $9.75 million of fraud.

Mr Rosenberg has been sentenced to three years’ imprisonment and $400,000 reparation and Mr Hunt has been sentenced to three and a half years’ imprisonment.

The pair had faced 82 criminal charges following an investigation into retail gas supplier E-Gas Limited (E-Gas).

The investigation uncovered that between April 2005 and October 2008 Mr Rosenberg and Mr Hunt deliberately under-reported the quantity of gas supplied to its retail customers by approximately 950,000 gigajoules.

SFO Director Julie Read says, “We hope that these sentences send a message that dishonesty, fraud and the manipulation of industry rules on the part of employees in positions of responsibility and trust will not be taken lightly and penalties will be imposed upon those who abuse their authority.”

This article is tagged with the following keywords. Find out more about My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7845 0.0017 0.22%
AUD 0.8994 0.0002 0.02%
EUR 0.6203 0.0010 0.16%
GBP 0.4929 0.0003 0.06%
HKD 6.0847 0.0131 0.22%
JPY 84.0120 0.0180 0.02%

Commods

Commodity Price Change Time
Gold Index 1233.8 -1.760 2014-10-14T00:
Oil Brent 85.4 -4.470 2014-10-14T00:
Oil Nymex 81.2 -4.530 2014-10-14T00:
Silver Index 17.4 0.035 2014-10-14T00:

Indices

Symbol Open High Last %
NZX 50 5145.9 5168.7 5145.9 0.33%
NASDAQ 4246.2 4281.3 4213.6 0.32%
DAX 8765.4 8854.4 8812.4 0.15%
DJI 16321.9 16463.7 16321.1 -0.04%
FTSE 6366.2 6403.4 6366.2 0.42%
HKSE 23087.5 23230.3 23048.0 0.67%
NI225 15009.8 15044.3 14936.5 -0.13%