ASB Identifies Serious Fraud

Tuesday, 1 September 2009, 10:20 am
Press Release: ASB Bank

Media release

31 August 2009  

ASB Identifies Serious Fraud

ASB has detected a serious case of fraud by an employee providing investment advice to customers involving several million dollars.

The offending involves 22 customers, and the Bank has identified those concerned. The Bank has already made restitution to customers where irregularities have been confirmed, and we will continue to work with them to ensure that no customer is adversely affected.

The employee, who worked for the Bank for more than 10 years, has been dismissed, and is now under investigation by the Serious Fraud Office.
 
The fraud was elaborate and involved the investment adviser making fictitious investments on behalf of customers.

The dismissed employee acted alone in committing the fraud.

As the Serious Fraud Office has yet to complete its investigations, the Bank will be making no further comment until its inquiries are completed.
Ends.

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