Sharechat Logo

Former ASB adviser to plead guilty to $18m fraud

Tuesday 26th January 2010

Text too small?

A sacked ASB investment banker has indicated that he will plead guilty to fraud charges of nearly $18 million which is the country's largest employee theft.

Stephen Gerard Versalko, 51, appeared in the Auckland District Court today facing three charges from the Serious Fraud Office after allegedly defrauding 30 wealthy bank clients over nine years of $17,763,110 as ASB senior investment adviser.

His lawyer Stuart Grieve QC asked for the case to be remanded for another week so the specific SFO allegations could be clarified with Versalko's summary of facts, saying his client would plead guilty to the charges.

Judge Roderick Joyce QC granted the adjournment taking into account the early guilty pleas and he extended the suppression orders on the summary of facts.

The three charges Versalko faces are:

*obtained $12,958,608 from 17 ASB Bank clients by conducting 68 fraudulent transactions between October 2003 and August 2009.

*offered fictitious investment opportunities to obtain $1,074,077 in 12 fraudulent transactions between August 2000 and September 2003.

* obtained $3,730,423 from 28 ASB clients by conducting 43 fraudulent transactions between October 2003 and April 2009.

The amount stolen by Versalko is more than the largest proven employment theft of $16.9 million by a member of the Otago District Health Board who was jailed for nine years in March 2009 - a record for an SFO prosecution.

Versalko was remanded on bail until February 2.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Acceleration of expressway will be transformative for Northland economy says EMA
The Warehouse Group - Proposed Scheme of Arrangement
The Warehouse Group - Proposed Scheme of Arrangement
Winton announces timing of its Annual Results
Fletcher Building Announces Director Appointment
Meridian issues new demand response exercise notice to NZAS
CRP - Chatham Closes Private Placement of Shares
General Finance - Olympic Term Deposit Promotion featuring a Special Bonus of 0.1%
July 22nd Morning Report