The Gen-X-Ray A critical examination of the world through Gen X eyes

A prostitute has walked away with $2.5 million spent by a banker stealing clients' money to fuel an extravagant lifestyle of sex, booze and luxury property.

Stephen Gerard Versalko, 52, married with three children, lived the high life for nine years after siphoning $17,763,110.19 off 30 wealthy clients from ASB Bank, where he worked.

Outside of buying property, his biggest spend was on sex – including $3.34m on just two Auckland prostitutes with whom he had long-term relationships.

One received $2.5m, the other $791,181. The Serious Fraud Office said both women also say they received further "large cash payments" estimated at $800,000.

Still more was spent at a variety of escort agencies around Auckland. The SFO could not track all the payments because they included cash taken out using seven credit cards that Versalko had.
[...]
The gravy train finally came to a halt in August last year, when one of his elderly clients with $3m invested with Versalko saw a documentary about US fraudster Bernie Madoff and spotted similarities in the schemes they both ran.

When she contacted ASB Bank Securities to check, she found no record of her $3m. It triggered an urgent investigation and, on August 25, Versalko was confronted, admitted the fraud and was later sacked.

How ironic. If it wasn't for Bernie Madoff he wouldn't have got caught.