NZ justice system once again looking after its rich mates

[Usarka]

Guilty until proven wealthy

[Oscar]

Steal a loaf of bread to feed ya family...3-5yrs!

Sez who?
Any examples?

[Paul in NZ]

Disagree, the diver only pointed out that they at least got some sentence, they are still being protected. If you walked into a bank and took a fraction of that amount you would get more of a sentence but these scums have stolen much more and ruined multiple peoples lives and get sweet F all.

Unfortunately there has to be a balance which tips in favour of business here (although you can argue this is too much). There are laws protecting business owners from failures which are designed to encourage people to start new businesses (risky thing starting a new venture)

It comes unstuck with this kind of malarky though. Proving these guys set out to defraud is one thing, simply being bad business operators is another. However IMHO these guys were out and out crooks

[oneofsix]

Unfortunately there has to be a balance which tips in favour of business here (although you can argue this is too much). There are laws protecting business owners from failures which are designed to encourage people to start new businesses (risky thing starting a new venture)

It comes unstuck with this kind of malarky though. Proving these guys set out to defraud is one thing, simply being bad business operators is another. However IMHO these guys were out and out crooks

I understand your point and do admit to not having studied their case in depth but it does appear they were proved to be crooks but because the law is still emerging from an era where this sort of financial fiddling was seen as part of the game they get off lightly. A bit like smiler saying you just have to accept corruption if you are to do business with certain countries. Not too bad if you know this going in but a lot of these investors, and NZers as a whole, are told we have laws and you are protected until the shit hits the fan and then the judge and powers that be don't want to punish the people he played gin or golf or what ever with (his 'class' of people)

[Oscar]

Bridgecorp, Blue Chip et al all had fantastic rates, well above the average for the times. Additionally companies like Bridgecorp had some dodgy lending products (80% finance package for property developers, anyone?).

Even at the time I remember saying to someone “..if it looks too good to be true, it probably is..”. A lot of greedy, silly people were ripped off by these bastids…

[FJRider]

I did write "hopefully", however this crime doesn't warrant a protective unit by right. They can request it but they can be turned down.

It takes a while for a request to be granted too, meanwhile they remain part of the general prison population and being a Government department things do go wrong.

Or they just get sent straight to a low security prision. Within a year ... on parole and back in the office.

All their houses/vehicles/money tied up in a trust fund ... and collecting the interest.

[Zedder]

Or they just get sent straight to a low security prision. Within a year ... on parole and back in the office.

All their houses/vehicles/money tied up in a trust fund ... and collecting the interest.

Let's see what happens regarding prison time but from what I understand FJR, the Police and Financial Markets Authority are going to seek recovery of money in any Bridgecorp directors trust funds under the Proceeds of Crimes Act.

[oldrider]

Amazing ... Doug Graham still doesn't get it ... responsibility and consequence go together!

He still wants to be Sir and behaves like a Cur.

All those lying bastards should go to jail .... "real jail" .... for a very long time IMHO! (and "no" I didn't lose a dime through them either)

[mashman]

If they're in jail, they can't spend that hard earned tax break that the govt gave them, let alone any money ... and it isn;t as though ripping people off doesn't take any energy, smarts and balls... I'm ashamed of you all for bagging the rich folk... they're hard working decent honest tax payers just like you or I.

[Mully]

Bridgecorp, Blue Chip et al all had fantastic rates, well above the average for the times. Additionally companies like Bridgecorp had some dodgy lending products (80% finance package for property developers, anyone?).

Even at the time I remember saying to someone “..if it looks too good to be true, it probably is..”. A lot of greedy, silly people were ripped off by these bastids…

Dead right. I looked at their rates and ran for the hills.

Had I realised South Canterbury was Government guaranteed though..... Fuckitall.

[Winston001]

Bridgecorp, Blue Chip et al all had fantastic rates, well above the average for the times.

Mmmm not really - Blue Chip perhaps but they were a property investor not a finance company.

I remember Gareth Morgan in about 2004 asking why NZ finance companies were offering such low rates for investment? Banks were paying 7% and finance cos 9.5%, barely above industrial and local authority bonds despite being much higher risk entities.

You might recall in the 1980s finance companies paid 5-9% above the bank rate which was far more realistic.

Which reminds me - this finance co debacle - we've been here before. A whole heap of them collapsed in the late 1980s. Petrecivic (scum) was involved - Euronational Corporation. Now he had Bridgecorp. A filthy selfish amoral little man.

[FJRider]

Let's see what happens regarding prison time but from what I understand FJR, the Police and Financial Markets Authority are going to seek recovery of money in any Bridgecorp directors trust funds under the Proceeds of Crimes Act.

On one news tonight ... they stated that although he was sentenced to two years ... he will be released automaticly after one.

If the possesions and property was aquired when he was making money legally ... the proceeds of crime act may not apply. Especially if he lost more than he made.

The old chap on the news that lost $400,000 wasn't too happy with his "advisor" ... who in my opinion ... is just as guilty as the accused.

[FJRider]

to split hairs on that, by the time they lost it it was no longer public money.

And one of their own tribe that lost it for them on the promise of getting rich(er) faster ... The tribe approved his actions at the time.

[Oscar]

Mmmm not really - Blue Chip perhaps but they were a property investor not a finance company.

Blue Chip offered debenture secured term investments.

[Zedder]

On one news tonight ... they stated that although he was sentenced to two years ... he will be released automaticly after one.

If the possesions and property was aquired when he was making money legally ... the proceeds of crime act may not apply. Especially if he lost more than he made.

The old chap on the news that lost $400,000 wasn't too happy with his "advisor" ... who in my opinion ... is just as guilty as the accused.

Thanks for the news update. Yep, it goes without saying regarding the crime act and if the advisor was knowingly involved in illegal dealings they should be held accountable.