Bridgecorp's Rob Roest denied parole again

Former Bridgecorp director Robert Roest. Photo / Dean Purcell

Bridgecorp chief financial officer Rob Roest has again been denied parole, but may be released from jail after his next hearing in April.

The former director of the failed finance firm was jailed in 2012 for 6 and a half years when he was found guilty of 18 charges after 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 last August, but was described at the time as a "model prisoner" who worked in the canteen.

The former holder of Bridgecorp's purse strings came before a parole board earlier this week after being seen by a psychologist, who recommended a release and reintegration plan.

In the board's decision declining to release Roest, Judge Phil Gittos said it could not responsibly grant parole without these plans being in place.

"We think the Board cannot responsibly grant parole otherwise than in accordance with a properly structured release and reintegration plan such as is recommended by the psychologist and it is necessary that this be put in place," Judge Gittos said.

"That should not take any great length of time particularly given that Mr Roest has now had it made very clear to him what is required and can be expected to be pro-active in that regard. Given that a satisfactory release plan has yet to be provided, parole today is declined but Mr Roest can suitably be seen again in three months' time in April when all of these matters should have been thoroughly attended to," he said.

Roest's co-offender, Rod Petricevic was convicted on similar charges and was also declined parole last year.

Judge Gittos said Roest still believed he was a victim of circumstance.

But despite Roest's "rather intransigent attitude to his offending", the board said any concerns about risk could be adequately reduced by banning him from work requiring him to deal with other people's money.

"The major issue therefore of risk we feel can be contained, but as a matter of practicality a release cannot proceed unless and until there is a properly supported release plan, and that has yet to be provided," the board said.

Although one offer to house Roest was withdrawn in December, he says he has found other accommodation. Corrections have not been able to confirm this.

Knowing this, the board said Roest did not see it fit to have someone come to his hearing to confirm the new offer.