NZ Banker admits fraud
(28 January 2010 – New Zealand) A former investment banker from New Zealand bank ASB, will next week admit to stealing nearly NZ$18 million (A$14 million) from 30 of the bank’s wealthy customers.
Stephen Versalko, who was a senior investment advisor for ASB, will admit three charges laid by the Serious Fraud Office (SFO) of stealing NZ$17,763,180 from unsuspecting clients.
The SFO said details of how Mr Versalko committed the fraud could not be revealed until after his next court appearance; it is also not known how much of the money has been recovered.
Mr Versalko was fired from the bank in August 2009 and was arrested a few days before Christmas last year.
Today, in the Auckland District Court, his lawyer Stuart Grieve, QC, told Judge Roderick Joyce there were still some issues in the summary of facts to be clarified with the SFO and asked for an adjournment for a week when Mr Versalko would plead guilty.
The ASB Bank refused to comment today, saying it too was a victim.
The three charges faced by Mr Versalko are; obtaining NZ$12,958,608 from 17 ASB Bank clients by conducting 68 fraudulent transactions between October 2003 and August 2009.
Mr Versalko is also accused of offering fictitious investment opportunities to obtain NZ$1,074,077 in 12 fraudulent transactions between August 2000 and September 2003.
And obtaining NZ$3,730,423 from 28 ASB clients by conducting 43 fraudulent transactions between October 2003 and April 2009.
Mr Versalko was remanded on bail until February 2.
SFO prosecutor, Patrick McCann, requested that the identities of the victims be suppressed and an existing suppression order on the summary of facts to be continued.
The SFO said details of how Mr Versalko committed the fraud could not be revealed until after his next court appearance; it is also not known how much of the money has been recovered.
Mr Versalko was fired from the bank in August 2009 and was arrested a few days before Christmas last year.
Today, in the Auckland District Court, his lawyer Stuart Grieve, QC, told Judge Roderick Joyce there were still some issues in the summary of facts to be clarified with the SFO and asked for an adjournment for a week when Mr Versalko would plead guilty.
The ASB Bank refused to comment today, saying it too was a victim.
The three charges faced by Mr Versalko are; obtaining NZ$12,958,608 from 17 ASB Bank clients by conducting 68 fraudulent transactions between October 2003 and August 2009.
Mr Versalko is also accused of offering fictitious investment opportunities to obtain NZ$1,074,077 in 12 fraudulent transactions between August 2000 and September 2003.
And obtaining NZ$3,730,423 from 28 ASB clients by conducting 43 fraudulent transactions between October 2003 and April 2009.
Mr Versalko was remanded on bail until February 2.
SFO prosecutor, Patrick McCann, requested that the identities of the victims be suppressed and an existing suppression order on the summary of facts to be continued.
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