26 Jan 2010

Former banker to plead guilty to fraud charges - lawyer

3:23 pm on 26 January 2010

The lawyer for a former banking executive accused of fraud amounting to almost $18 million has indicated his client will plead guilty.

Stephen Versalko, 51, appeared in the Auckland District Court on Tuesday.

Lawyer Stuart Grieve, QC, said his client intends to plead guilty to three charges of fraud and asked for a remand until 2 February to finalise the summary of facts.

The charges follow an investigation by the Serious Fraud Office and relate to the period 2000 to 2009.

Fraudulent transactions and fictitious investment opportunites are alleged.

ASB says none of its customers lost money. However, it has introduced new security practices to protect customers.