18 Jul 2012

More jail time for Petricevic

7:39 pm on 18 July 2012

Former Bridgecorp managing director Rod Petricevic has been sentenced to a further four months in prison after pleading guilty in the Auckland District Court to four additional fraud charges.

The charges relate to the fraudulent acquisition and financing of a luxury launch, bought using Bridgecorp funds totalling $3.5 million.

The Serious Fraud Office says the transaction took place to finance, hide or disguise the purchase of the launch Medici from the Bridgecorp board, the trustee, and investors.

Petricevic is already serving a six-and-a-half year sentence in respect of earlier convictions on 18 charges in April, for lying to investors about the company's finances.

Bridgecorp collapsed in 2007 owing more than $450 million to nearly 15,000 investors.