Former ASB investment banker Stephen Gerard Versalko has pleaded guilty to fraud charges of nearly $18 million, considered the country's largest employee theft.Mr Versalko, 51, was remanded in custody after appearing in the Auckland District Court, it was
Former ASB investment banker Stephen Gerard Versalko has pleaded guilty to fraud charges of nearly $18 million, considered the country's largest employee theft.
Mr Versalko, 51, was remanded in custody after appearing in the Auckland District Court, it was reported this morning.
The court was asked to remand the case for another two weeks to clarify specific allegations made by the Serious Fraud Office in the summary of facts.
The SFO laid charges alleging that Mr Versalko defrauded 30 wealthy bank clients over nine years of $17,763,110 as ASB senior investment advisor.
He was fired by the bank in August.
Mr Versalko admitted to three charges that he:
*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.
