Fraudster went to school in city

An Auckland banker who stole $18 million from clients went to James Hargest High School.

Stephen Versalko, 52, was sentenced to six years' jail on Thursday after stealing $17,763,110 from 30 wealthy clients to maintain an extravagant lifestyle.

His lifestyle included spending $3.9m on buying property, $3.34m on two prostitutes he had long-term relationships with and $2.2m paying off credit cards.

However, before the 52-year-old turned to a life of crime while working for ASB Bank he was schooled at James Hargest High School, in Invercargill.

Graeme Johnstone, who was in Versalko's year at school, had not spoken to him since he left school but remembered talking to friends about how well he was doing in the banking sector. "I have vague recollections that in his early days he was well regarded in the banking world," he said.

He was surprised to hear Versalko had gone to jail for fraud and the prostitution was a "shock".

"It is not the profile I expected from the memory of him from school," he said.

Former classmate Jim Fortune remembered Versalko as a "nondescript kind of guy" who was reasonably bright. Entertainer Suzanne Prentice, who was in his class, did not think she was in the same year as him but a class list confirms she was.

- © Fairfax NZ News

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