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 NZ: Banker spends millions on prostitutes

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NZ: Banker spends millions on prostitutes Vide
PostSubject: NZ: Banker spends millions on prostitutes   NZ: Banker spends millions on prostitutes Icon_minitimeFri Mar 19, 2010 5:35 pm
A New Zealand investment banker who spent millions of stolen dollars on prostitutes was caught after one of his clients watched a documentary on US fraudster Bernie Madoff, an Auckland court was told yesterday.

Stephen Versalko, 51, was sentenced to six years in prison for stealing nearly $NZ18 million ($14 million) over nine years from 2000, from his employer, ASB Bank.

Two prostitutes received $NZ3.4 million from Versalko and much of the rest went on wine, property and making interest payments to clients to keep the scam running, the Auckland District Court was told.

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