Sydney banker Oliver Curtis has been found guilty of insider trading.
Curtis, 30, had been charged with conspiring with his former best friend, John Hartman, in 2007 to use confidential information to bet on shifts in share prices.
Justice Lucy McCallum is expected to hand down a sentence on June 17. The offence carries a maximum penalty of five years in prison.
Hartman was the prosecution’s main witness in the case.
St James Supreme Court heard that the men hid what they were doing using a mobile phone communicating technique known as “PIN-to-PIN messaging” which is not recorded by telecommunications providers.
The men made $1.43 million in a year from the deal, spending it on a $60,000 Mini Cooper and a $20,000 Ducati motorbike, as well as luxury holidays to Whistler and Las Vegas. They were in their early 20s at the time.
Hartman served 15 months behind bars after pleading guilty to a string of insider trading offences, most of which related to his own trading. However his sentence was reduced after he agreed to give evidence against Curtis.
Curtis, who had pleaded not guilty to the charge, is the husband of Sydney publicist Roxy Jacenko.
He will remain on conditional bail until the sentencing hearing.
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