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Versalko Fraud

( ASB takes any matters of fraud very seriously and is pleased that the SFO investigation has culminated in Stephen Versalko being sentenced to imprisonment after pleading guilty to his criminal activity.

ASB confirms that the fraud involved Mr Versalko transferring funds to make fictitious investments on behalf of customers with whom he had established trusted relationships. Mr Versalko covered his fraudulent activity by paying these customers their anticipated interest and capital repayments.

Within hours of concerns being expressed by a customer, Mr Versalko’s offending was confirmed, the matter reported to the SFO and he was dismissed.

Only a very small number of customers were affected by Mr Versalko’s offending and all have been reimbursed. We apologise again to these customers who were impacted by his actions.

ASB has introduced additional processes and practices to further strengthen our security and protect our customers so that this situation does not happen again.

Media Release 18 March 2010 from ASB.



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