5 Feb 2014

Bank fraudster granted parole

10:22 pm on 5 February 2014

An executive who defrauded ASB Bank of millions of dollars - spending it on property, prostitutes and wine - has been granted parole.

Stephen Versalko was sentenced to six years' jail in 2010 after stealing almost $18 million from the bank. He admitted charges laid by the Serious Fraud Office.

In 2010, the SFO said Versalko spent millions on property and more than $3 million on two prostitutes.

At his sentencing, he was given a minimum non-parole period of four years, and also in 2010, he was ordered to repay $14 million, which he did not oppose.

On Wednesday, the Parole Board granted Versalko parole as it believes he no longer poses a risk to the community.

He will be released later in February and has conditions imposed on him until February 2016.