Bridgecorp's Rod Petricevic granted parole

Parole Board signs release form less than half way through his sentence.

The infamous former director of Bridgecorp, Rod Petricevic, has been granted parole. 

Petricevic will be released on September 7 on condition he lives at a certain address, does not give financial advice, have any role in business, trusts, companies or voluntary organisations or handle financial transactions without the approval of the probation officer, or contact his co-offenders.

Petricevic had been sentenced in 2012 to six years and ten months imprisonment for his actions as managing director of the Bridgecorp group of companies, which collapsed in 2007.

He was convicted on Crimes Act, Companies Act and Securities Act charges relating to making false statements and misleading investors.

He became eligible for parole in July last year and has been denied it twice, most recently in February, because he did not accept his actions caused the loss suffered by Bridgecorp investors.

But a Parole Board judgment released today says Petricevic is at low risk of re-offending and appears to have accepted responsibility for his offending.

The man had been undergoing counselling, which he funded, and had not caused problems in custody, the report says.

“Given the apparent change in his understanding of his offending and his attitude generally, and the strength of his release plan which includes the ongoing access to psychological counselling, we are satisfied that Mr Petricevic’s low risk of reoffending can be managed in the community during the remainder of his sentence.”

Bridgecorp collapsed into receivership in June 2007 owing $459 million to 14,500 investors - an average of about $33,000 each.

Read the judgment here

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