20 Dec 2009

ASB executive charged with $18m fraud

9:59 am on 20 December 2009

The ASB bank is boosting its security measures after one of its former senior executives was charged with fraudulent transactions worth nearly $18 million.

Stephen Gerard Veralko, 51, appeared in the Auckland District Court on Friday on three separate fraud charges after an investigation by the Serious Fraud Office.

The ASB says no customers have lost money from the alleged fraud but it has introduced new security protocols and practices to protect its customers.

Because the case is before the courts, the bank would not comment further on the charges.

Relating to actions between 2000 and 2009, they include the allegations that Mr Veralko conducted more than 100 fraudulent transactions and offered fictitious investment opportunities.

Mr Veralko will be back in court in January to make a plea.