Bridgecorp chairman escapes jail
Bridgecorp chairman Bruce Nelson Davidson (73), once a pillar of the legal fraternity, was sentenced today.
Bridgecorp chairman Bruce Nelson Davidson (73), once a pillar of the legal fraternity, escaped jail today.
Davidson was sentenced in the Auckland High Court to nine months home detention, ordered to do 200 hours community work and ordered to pay $500,000 reparation.
He admitted ten Securities Act charges of making untrue prospectus and investment statements linked to Bridgecorp’s 2007 collapse, which left 14,000 investors $490 million out of pocket.
Davidson is a former senior partner in law firm Minter Ellison Rudd Watts, a former president of the Auckland district law society and a former vice-president of the New Zealand Law Society.
The Crown wanted Davidson – said to have an impeccable character and a distinguished career with lifelong service to the community – jailed for up to four years and did not support home detention.
His sentence gave him a discount for good character, his genuine deep and sincere remorse, an offer of substantial reparation and his co-operation with Bridgecorp receivers.
After maintaining his innocence for some time, Davidson changed his plea to guilty.
His sentence was similar to that given to Nathans Finance director John Hotchin, who was earlier sentenced to 11 months home detention, ordered to do 200 hours community work and ordered to pay $200,000 reparation to Nathan’s receivers.
Davidson was represented by Queen’s counsel Colin Carruthers, who earlier successfully prosecuted the Nathan’s accused and will next week prosecute the Lombard Finance directors.
The court received victim impact reports showing some Bridgecorp investors had lost life savings rainging from $17,000 to more than $2 million.
Davidson was remanded at large over the wekeend and his home detention sentence - te be served at his Parnell home - will begin at 9am on Monday.
Jock Anderson
Fri, 07 Oct 2011
Fri, 07 Oct 2011
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Bridgecorp chairman escapes jail
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