Family stung by Bridgecorp tells of devastation

Nothing's changed in more than two years for Feilding couple Mary and David Fauchelle, who with their daughter lost $200,000 savings in the Bridgecorp collapse.

No money has been seen. "And I don't believe we ever will."

"We're OK because we're only young, we're nearly 50, mind you, but my daughter suffered quite a lot. We had to really work hard to [refinance] her house again."

The Fauchelles had been able to rebuild some of their nest egg because they were still working, but they felt for elderly Bridgecorp investors who were not able to do so.

"We've just taken out mortgages for things that we didn't need to take mortgages out for ... It has made a huge impact .. It was absolutely devastating."

Mrs Fauchelle said it grated that former Bridgecorp managing director Rod Petricevic was able to be a business director again in five years.

About 14,300 investors were owed $430 million when Bridgecorp went into receivership in July 2007. The last receivers' report indicated investors would get back about 10c in the dollar. Mr Petricevic was bankrupted last year, and he and his fellow directors face fraud charges.

The Fauchelles' daughter, Amanda Binding, was pleased that reform in the financial adviser sector was under way.

The retired father of one of her colleagues had lost $90,000. Her own father was now completely shy of finance companies or even the sharemarket.

She had not lost her faith in shares but chose stable companies and was prepared to wear the risk. Would she invest in a finance company again?

"I don't think so."

- © Fairfax NZ News