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Bridgecorp director to appeal sentence

10:00 Wed Apr 25 2012
AAP

Gary Urwin, a former Bridgecorp director who was jailed for two years after admitting misleading investors, is to appeal his prison sentence.

At his sentencing earlier this month, Justice Pamela Andrews rejected a bid from Urwin's lawyer David Reece for home detention.

Reece told the New Zealand Herald on Tuesday that an appeal against the jail sentence would be lodged in the coming days.

Urwin pleaded guilty in November to 10 Securities Act charges of misleading investors in the finance company, which owed $459 million to 14,500 investors when it failed in 2007.

After sentencing crown prosecutor Brian Dickey said it was important for investors that Urwin went to jail.

"That's the message, hopefully, for others, and perhaps a vindication or comfort for investors that he has gone to jail," he said.

Fellow directors Rod Petricevic, Rob Roest and Peter Steigrad are awaiting sentence after they were found guilty this month of Securities Act charges following a six-month trial.

Petricevic and Roest were also found guilty of Crimes Act charges.

Petricevic will be sentenced on Thursday with Justice Geoffrey Venning saying it was inevitable that he would be imprisoned.

Bridgecorp chairman Bruce Davidson was sentenced last October to home detention and ordered to pay $500,000 in reparation, after admitting Securities Act charges.