6 Feb 2014

Fraudster won't work in finance again

8:07 am on 6 February 2014

A man who defrauded ASB Bank clients of almost $18 million says he will never work in the financial sector again after he is freed from prison.

Stephen Versalko, who was a financial advisor with the bank, was sentenced to six years in prison in 2010 after stealing almost $18 million and spending much of it on prostitutes and property.

The Parole Board assessed Versalko on Wednesday and granted him parole, saying he is deeply remorseful and ashamed about his offending.

He will be released later this month and has conditions in place until February 2016.