Parole for $18m fraudster

Stephen Versalko was sentenced to a six-year prison term for stealing $17.8 million from clients while he worked for ASB Bank. Photo / Dean Purcell
Stephen Versalko was sentenced to a six-year prison term for stealing $17.8 million from clients while he worked for ASB Bank. Photo / Dean Purcell
An ASB investment adviser who stole $18 million from client has been granted parole and will be released from prison after just four years in jail.

A spokeswoman for the Parole Board said Stephen Versalko was granted parole today.

"Mr Versalko was granted parole as the board says he no longer poses an undue risk to the safety of the community."

She said he would be released on February 24 with conditions on his release until his sentence end date of 2 February 2016.

Versalko was sentenced to six years in prison in 2010.

At the time of his conviction, Versalko was guilty of carrying out the biggest employee theft in New Zealand's history.

The money he stole was spent on a lavish lifestyle, including $3.4 million on prostitutes and more than $300,000 on fine wine.

 

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