Fraudster: Being caught was a relief

Stephen Versalko. Photo / Sarah Ivey

Stephen Versalko knew deep down he would be caught and was relieved when his huge $17.8 million fraud was discovered.

The admissions are found in a Corrections Department report released to the Weekend Herald which describes the 52-year-old fraudster as "affable, polite and energetic".

He expressed remorse at the shame he had brought on his family and admitted leading two lives, in particular reference to the $3.4 million he spent on two prostitutes.

The assets of one sex worker, who received more than $2 million, had been frozen, said Versalko, in a bid to recoup the stolen money.

He had been visited regularly in prison by his wife and three children and had been offered jobs to take up on his release. His initial fraud was to cover a $40,000 credit card debt and he became greedy.

He planned to study horticulture or management in prison.