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New Zealand man jailed for Ponzi scam
Baltimore News.Net
Thursday 18th March, 2010
A New Zealand investment banker has been jailed after spending millions of dollars of clients money on prostitutes.
The man, Stephen Versalko, 51, has been sentenced to six years in prison for stealing nearly US$14 million.
The crimes which took place over a nine year period, only came to light when one of Versalko's wealthy victims saw a television documentary on convicted New York fraudster Bernard Madoff.
Police investigated after the victim's suspicions were raised and it was found Versalko had spent clients money on prostitutes, wine, property and making interest payments to keep the Ponzi-like scheme running.
A large amount of money went to a prostitute who started blackmailing Versalko.  Email this story to a friend
Comments on this story
Tex
03-18-10, 08:36 PM |
New Zealand man pays prostitutes with Ponzi money
If you think Madoff ran a huge scam, Amway has ripped off millions of people for several decades, to the tune of 10s of billions of dollars.
Amway is a scam, and here’s why: Amway pays out as little money as they can get away with, so they support the higher level IBOs ripping off their downline via the tool scam.
As a result, about 99% of IBOs operate at a net loss, while the top 1% make several TIMES more from their Amway tool scam than from the Amway products. This was made illegal in the UK in 2008, but our FTC is unable to pull their heads out of their butts to stop it here.
Read about it on my blog, I suggest you start here: http://thenetprofitgroup.yolasite.com and forward the information to everyone you know, so they don’t get scammed.
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radsoc@aapt.net.au
03-19-10, 01:29 AM |
Ponzi
small time maddof!
The americans have been paying the whole world with ponzi money.
They call it a dollar and they print them in trillions that they have exchanged for real goods and a credit supply.
The biggest theiving ponzi in history.
Thats the real american way
The foreign holders of these ponzi dollars will fast see their dollars devalued.
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