25 Aug 2012

Appeal lost by Bridgecorp director

11:50 am on 25 August 2012

A former director of Bridgecorp, a collapsed finance company, has lost an appeal against his sentence and must return to New Zealand.

Peter Steigrad stood trial with Bridgecorp directors Rod Petricivec and Rob Roest and was found guilty in April of six charges under the Securities Acts.

Steigrad was sentenced to nine months home detention, 200 hours community work and ordered to pay $350,000 in reparation.

In June, his lawyer filed an appeal against the sentence. Steigrad left the country while waiting for the application to be heard.

The Court of Appeal dismissed it on Friday saying Steigrad must return by Wednesday to resume his sentence.

Bridgecorp collapsed in 2007 owing more than $450 million to investors.