Sydney stockbroker Oliver Curtis jailed for insider trading
SYDNEY stockbroker Oliver Curtis has been jailed for two years after an insider trading scam hatched with his then best friend made them more than $1.4 million in illegal profits.
Curtis, 30, was found guilty of conspiring to commit insider trading on 45 separate occasions, earlier this month, ABC reports.
The trial heard how he shared in illegal profits from insider trading using confidential information between May 2007 and June 2008.
Prosecutors had pushed for a five-year prison term, arguing his crimes were a "form of cheating."
Curtis is married to Sydney socialite and founder of Sweaty Betty PR, Roxy Jacenko with the pair leading a luxurious Bondi Beach lifestyle.
Jacenko is well known for sharing images of diamond bracelets, chopper flights and top end of town cuisine, with her 96,000 Instagram followers.
Key to the case against Curtis was evidence from his one time best mate John Hartman.
The former friends me at St Ignatius College Riverview, on Sydney's north shore and later hatched the scam to use confidential information to make massive gains.
In simple terms Hartman would make massive stock purchases on behalf of clients at the company he worked for.
The purchases were big enough to shift the value of stocks and Hartman would then feed that information back to Curtis who would use a secret account to buy Contracts for Difference (CFDs) - essentially bets on whether certain stocks would increase or decrease in value.
Instead of paying Hartman cash - which would quickly arouse the suspicion of authorities - Curtis would pay for luxurious holidays - ski trips, hotel suites and even a trip to the Spearmint Rhino strip club in Vegas and luxury cars and motorcycles.
The illegal activity took place almost ten years ago and both men had since gone on to have successful careers - until it all came crashing down.