Cocaine, girls, million-dollar fraud: What an Australian bank lender did next

PHOTO: JASON SOUTH – George Vrettakos is back at work. Pictured in Melbourne this week.

A loans officer in Australia who perpetrated a A$3.5 (NZ$3.79) million fraud on the bank and spent up big on cocaine, “lots of girls” and fine dining, was never reported to police, allowing him to continue working in the financial services sector.

Former Melbourne-based Commonwealth Bank mobile lender George Vrettakos told the bank that others were implicated in his behaviour but the bank appears to have never followed up the information he provided.

Vrettakos exploited weaknesses in the bank’s internal systems, starting in 2008, to create fake loan accounts that he used to purchase a million dollar home and fund a lifestyle to match.

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