| New Zealand News | Tuesday April 17 2012 11:05
Former Bridgecorp director Gary Urwin has been sentenced to two years in jail.
Urwin pleaded guilty to Securities Act charges last November and had been seeking home detention.
The sentence has just been handed out to him by a High Court judge in Auckland.
Gary Urwin originally pleaded not guilty to 10 Securities Act charges relating to untrue statements in Bridgecorp's investment statements, but he changed his plea to guilty, last November.
His sentencing was delayed until the trial of three fellow Bridgecorp directors was over.
They've also been found guilty.
Urwin's lawyer wanted home detention for him but the Crown suggested a start point of four years in prison.
Justice Andrews rejected the defence submission that Urwin should receive home detention.
She says Urwin had direct knowledge of the transactions of companies he was involved in, and he had information about the negative liquidity of Bridgecorp.
Justice Andrews says losses to investors were significant, and most of them lost their life savings.
Urwin was expressionless when the sentence was handed down.
Despite the Crown asking for four years, prosecutor Brian Dickie says he's not disappointed.
"Mr Urwin's been sentenced to two years imprisonment and for an individual who's previously lived a corporate lifestyle, that's a very significant sentence."
Three fellow Bridgecorp directors will be sentenced over the next month - a judge has already warned them they're going to jail, and they faced more serious charges than Gary Urwin.
Of the other directors, Rod Petricevic will be sentenced next week, while Robert Roest and Peter Steigrad will learn their fate next month.
Bridgecorp directors Rod Petricevic, Robert Roest, Gary Urwin and Peter-Steigrad (NZ Herald)