Versalko spent NZ $4 million on extravagance properties, NZ$3.3 million on prostitutes and NZ$300,000 on wine.

Cash drained from the customer’s investments was openly used for showcasing a luxurious lifestyle of having property, cash and prostitutes by an investment adviser at ASB. Almost NZ$17.8 million was stolen by the banker Stephen Gerard Versalko, 52. For this offence, the accused have been jailed for six years.This has come out to be the first and the biggest single employee case in New Zealand. This case was unveiled after one of the clients of Versalko observed a documentary with behavioral similarities on Bernard Madoff, an US impostor.People who were clawed under the defrauded scheme of Versalko's, largely included elderly females who resided away from New Zealand. The investors were assured that their money will get them high-return as the investments were guaranteed by Government.It is now known that during the year 2000 and 2009, Versalko spent NZ $4 million on extravagance properties, NZ$3.3 million on prostitutes and NZ$300,000 on wine. He also spent the money for buying boats and cars.This case, reported by media has brought into light that during this period of time, a prostitute was offered NZ $2.5 million which she used in erecting a good amount of property that will face a legal action for getting the property back.Addressing the bank authority, two days before the sentencing, he wrote, “The years ahead are going to be very difficult, however I want to make amends even if only in a small way”.