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