Roest guilty over yacht purchase

Last updated 15:22 17/08/2012

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Bridgecorp's former chief financial officer has pleaded guilty for his part in using $3.5 million of the finance company's funds to buy the luxury launch Medici.

Cornelis Robert Roest today pleaded guilty in the Auckland District Court to one charge of theft by a person in a special relationship and two of providing false statements, brought by the Serious Fraud Office.

Roest, serving a six-and-a-half year prison sentence after being found guilty of lying to investors in a case brought by the Financial Markets Authority, faces three extra months in jail after his latest guilty plea.

Roest is appealing both his conviction and sentence relating to the FMA prosecution.

Roest also pleaded guilty to charges brought by the Inland Revenue Department over Bridgecorp's misapplication of PAYE deductions.

Last month Bridgecorp boss Rod Petricevic also pleaded guilty to SFO charges brought over the Medici affair.

SFO chief executive Adam Feeley said the guilty plea closed the book on his organisation's investigation into Bridgecorp.

"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 rebuild their confidence that offenders will ultimately be held to account" he said.

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