A former ASB bank executive who stole nearly $18 million, spending it on property, prostitutes and wine, has been sentenced to six years' jail.
Stephen Versalko, 52, had earlier pleaded guilty to three counts of fraud.
The theft is New Zealand's biggest case of employee fraud.
The Serious Fraud Office says Stephen Versalko spent millions on property and spent $3.4 million on two prostitutes.
It says Versalko lured clients he knew, particularly women, the elderly and the financially naive.
Versalko borrowed money from some clients accounts to pay others when their returns were due.
His lawyer said Versalko admitted his crimes straightaway, was co-operative and has repaid $4.6 million.
Versalko was given a minimum non-parole period of four years.
A client watching a television documentary about American fraudster Bernie Madoff sparked Versalko's downfall.
Reading from the summary of facts, Serious Fraud Office prosecutor Patrick McCann says a client of Versalko's, who had invested $3 million, started to feel uneasy when she realised he was the only person she had dealt with.
Mr McCann says the client contacted ASB and when staff were unable to track down her investment, a further investigation revealed the magnitude of Versalko's offending.
Case 'prompts bank security check'
Dr Claire Matthews, a senior lecturer in banking at Massey University, says the case has prompted all the country's banks to reassess their security systems, to ensure they're not vulnerable to similar schemes.
However she doesn't believe it's the tip of an iceberg of similar cases in the sector.
Private investigator and former Kiwibank security head, Wayne Kiely, told Nine to Noon someone, especially at the bank, must have noticed something was not right.
He says he finds it hard to believe no one was suspicious of his lavish lifestyle.
