Jailed Bridgecorp boss Rod Petricevic has been denied parole again as he appears to have failed to come to grips with the true nature of his offending.
Petricevic was jailed for six years 10 months in 2012 for misleading investors in the failed finance company and for Serious Fraud Office charges.
He was already denied release last year and when he came before the parole board this week the result was the same.
The parole board's decision quotes "pertinent" passages from a psychologist's assessment of Petricevic.
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"Mr Petricevic appeared to accept responsibility for the offences and for the losses suffered by Bridgecorp investors but did not accept that he had acted in a manner that was deliberately dishonest or deceptive.
Therefore it is assessed that he displayed partial remorse but nevertheless maintained a degree of entitlement to act in the way that he did given what he said he knew at the time of his offending," the psychologist said.
The board, in quizzing the former Bridgecorp director on the psychologist's comments, said there remained cause for concern.
"Primary predictors of risk must be previous conduct and attitudes and present attitudes, to offending conduct. It is in this area that the Board continues to have disquiet...we consider that Mr Petricevic needs to have some assistance to see his offending in its proper perspective.
We think that that could best be achieved by a brief programme of one-to-one psychological intervention given that there are no programmes available to him in the prison setting which would be apt to deal with this particular offending," the parole board said.
The former managing director of Bridgecorp, which owed investors $459 million when it collapsed in 2007, will be able to go back before the parole board in August.