Former Bridgecorp director to be released on parole halfway through sentence

Former Bridgecorp director Robert Roest arriving at the Auckland High Court in 2012. Photo: Dean Purcell.

Former Bridgecorp director Cornelis Roest, also known as Rob Roest, is due to be released from prison less than three years into his six year, nine month sentence.

Also the chief financial officer of the failed finance firm, Roest was jailed in 2012 after being found guilty of 18 charges following a four-month High Court case brought by the Financial Markets Authority.

The charges related to misleading statements in the offer documents of Bridgecorp, a finance company which failed in 2007 owing $459 million to 14,500 investors.

In a separate Serious Fraud Office case, Roest had another three months added to jail term after admitting his role in the $3.5 million fraudulent acquisition and financing of a luxury launch.

Roest was previously denied parole both in January and last August, but was described at the time as a "model prisoner" who worked in the canteen.

After appearing before the board again today, Judge Arthur Tompkins approved Roest's parole, albeit with a number of conditions attached.

A psychological assessment of Roest conducted in December assessed him as being at low risk of further offending, Judge Tompkins said.

"Although given some evidence of detachment and stubbornness leading to admittedly decisions of poor judgement in the past, the report identified some vulnerability to such dynamic risk factors in the future, particularly in situations of heightened stress where Mr Roest's character traits of pride, detachment and stubbornness might operate to increase his risk."

Roest's conditions include not talking to the media or any victims, not consuming alcohol or drugs and not moving from his approved address without the consent of his probation officer.

According to Judge Tompkin's decision, "Mr Roest indicated to the Board today that he is very comfortable with both his new and approved proposed address and with the prohibition on him communicating with the media".

The decision also noted that Roest enjoyed good family and community support and hasa confirmed offer of employment outside of the financial services or any related industries.

He is due to be released later this month.

Bridgecorp director Robert Roest (right) with Bridgecorp founder Rod Petricevic at a 2008 Auckland District Court appearance. Photo: Nigel Marple.