Roest jailed for six and a half years

The sentence was passed today in the High Court at Auckland by Justice Geoffrey Venning, who had early found both men guilty of all charges brought by the Financial Markets Authority.

The charges, which were laid under the Crimes, Companies and Securities Acts, related to misleading statements made to investors in offer documents and advertising material.

Meanwhile, fellow former director Peter Steigrad, who was found guilty on six of ten Securities Act charges, has avoided a jail term.

Justice Venning instead gave him nine months home detention and ordered him to do 200 hours of community work and pay $350,000 in reparations.