No parole for Bridgecorp boss Rod Petricevic

Former Bridgecorp director Rod Petricevic. Photo / File

Disgraced Bridgecorp boss Rodney Petricevic has been denied parole on the grounds he may still pose an undue risk to the safety of the community.

The former managing director is two years into a six years and 10 months prison sentence for making false statements, offences under the Securities Act, and using company funds to buy a luxury boat.

In a decision by the Parole Board, released today, it denied his early release on the grounds he was at risk of reoffending given his repeated expressions of having "a lot of knowledge in business" and that he "is driven to give advice".

It came despite his assessment as a low risk prisoner and assertions of remorse.

Petricevic's time in jail had been "stable and unremarkable", and he had been assessed as being at "very low risk of reoffending", the Parole Board said in its ruling.

"Since June 2012 he has had a minimum security classification. He has not featured in any misconduct or incident reports and is described as compliant and no problem to staff or other prisoners."

Petricevic has taken up occasional work on prison grounds and is studying for a diploma in law, with the aim of taking up legal aid or Citizen's Advice Bureau work when released.

He had expressed remorse at his parole hearing, writing in a letter: "Since my conviction and imprisonment I have had a great deal of time to reflect on the nature and seriousness of my offending.

"I acknowledge and take full responsibility for this offending, which was a direct result of my inadequacy as the managing director, and recognise the harm it has caused all investors.

"Not only have the investors been seriously affected financially and emotionally but also their families. For this breach of trust I am truly remorseful. This is something that I will have to live with for the rest of my life."

However, the Parole Board said it remained "unpersuaded by Mr Petricevic's assertions that he is genuinely remorseful."

"In our view, despite Mr Petricevic's age, expressions of remorse and contention that he has learned from his offending, we consider that the risk of reoffending remains.

It continued: "In our view there is no evidence of any risk of Mr Petricevic reoffending other than in relation to financial affairs.

"While he acknowledges no intention to return to business in the way he did prior to this offending, we cannot rule out the possibility of him providing not only advice but also becoming involved in the management of other people's assets which puts those assets at risk.

"Given the scale of Mr Petricevic's offending leading to this sentence, any further offending is likely to be of a similar kind and be potentially serious and again involve large sums of money."

Petricevic is next eligible to be considered for parole in February 2015.