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Oliver Curtis spends first night in prison after being sentenced for insider trading Oliver Curtis spends first night in prison after being sentenced for insider trading
(2 months later)
The high-society white collar criminal Oliver Curtis has spent his first night behind bars in New South Wales after he was sentenced to a year in prison for insider trading.The high-society white collar criminal Oliver Curtis has spent his first night behind bars in New South Wales after he was sentenced to a year in prison for insider trading.
His lucrative crime netted him more than $1.4m when he was 21 years old, but his luxurious lifestyle has been put on hold following his sentencing on Friday.His lucrative crime netted him more than $1.4m when he was 21 years old, but his luxurious lifestyle has been put on hold following his sentencing on Friday.
The husband of publicist Roxy Jacenko made 45 trades between May 2007 and June 2008 based on confidential information his then-friend John Hartman possessed as an employee of Orion Asset Management.The husband of publicist Roxy Jacenko made 45 trades between May 2007 and June 2008 based on confidential information his then-friend John Hartman possessed as an employee of Orion Asset Management.
Nine years ago Hartman, whose job was to execute trades on behalf of Orion, would send Curtis messages directing him to buy or sell a particular number of contracts for difference (CFDs) on a particular company’s stock at specific times.Nine years ago Hartman, whose job was to execute trades on behalf of Orion, would send Curtis messages directing him to buy or sell a particular number of contracts for difference (CFDs) on a particular company’s stock at specific times.
Related: Former trader tells of luxury Sydney lifestyle funded by insider dealing scam
In handing down the punishment in the NSW supreme court, Justice Lucy McCallum said the profits from the conspiracy were used to “fund a lifestyle of conspicuous extravagance”.In handing down the punishment in the NSW supreme court, Justice Lucy McCallum said the profits from the conspiracy were used to “fund a lifestyle of conspicuous extravagance”.
Profits from the scam were spent on a new Mini Cooper, a motorbike, holidays in Whistler and Las Vegas, and a luxurious Bondi apartment.Profits from the scam were spent on a new Mini Cooper, a motorbike, holidays in Whistler and Las Vegas, and a luxurious Bondi apartment.
Curtis was sentenced to a maximum of two years in prison, but will be released on recognisance after serving a year.Curtis was sentenced to a maximum of two years in prison, but will be released on recognisance after serving a year.