Oliver Curtis is going to jail.
Having been found guilty of insider trading just three weeks ago, Oliver Curtis has now been sentenced to two years jail.
He will be eligible for release in one year.
He handed his wedding ring to wife Roxy Jacenko and they kissed before he was led away.
Appearing at the NSW Supreme Court on Friday with his PR mogul wife Roxy Jacenko by his side, Curtis looked sombre as the judge handed down the sentence.
Justice Lucy McCallum said Curtis had shown “no contrition to any degree whatsoever” in the lead up to his conviction on June 2.
McCallum said Curtis must have known his actions were “very wrong” personal gain could have been the only motive for his actions.
Curtis was facing a maximum penalty of five years imprisonment and a $220,000 fine.
Curtis and Jacenko with son Hunter. Source: Instagram.
The decision comes following a highly publicised trial that involved testimonials from Curtis' former best friend and colleague John Hartman, who told the jury that the pair had operated an insider trading scheme together that ultimately lead to Curtis profiting over $1.4 million.
Hartman told the court there were 45 instances in which the scheme was employed between May 2007 and June 2008, with Hartman - who was an equities analyst at the time - sending information to Curtis via an encrypted Blackberry PIN messages. The pair would then use the information to buy or sell financial instruments, which track the price of shares on the stock market.
Oliver Curtis with daughter Pixie. Source: Getty.
The money, Hartman said, was eventually spent on holidays to Las Vegas and Whistler, helicopter rides, $20,000 Ducati motorcycles, $60,000 Mini Coopers and bachelor pad weekends at Bondi.
Hartman and Curtis had known one another since childhood, attending the same elite high school and growing up in the same area along the north shore in Sydney.
Roxy Jacenko leaves court following her husband's guilty verdict. Post continues...
Despite the damning evidence, the investment banker and father of four-year-old Pixie and one-year-old Hunter maintained his innocence throughout the trial. Jacenko was seen on numerous occasions rushing from the front row of MBFWA runway shows to be by her 30-year-old husband's side in court throughout.
The decision comes following Jacenko's admission that she'd found the experience particularly difficult.
The Jacenko-Curtis family.
Speaking at a self-titled conference last Friday morning, the 36-year-old told the crowd that she'd woken up several times throughout the night and when a slide titled, 'Hey you! Don't give up!' popped up during her presentation she said that the "quote was very useful for today."
Justice McCallum said Curtis should not be equated with his wife, and had received "more than his share of bad press" throughout the trial.
She said the sentence will be regarded as lenient by some, but she also said she believed imprisonment would have "real bite" as a deterrent to others.
Hartman has already served a two year prison sentence for the crimes.
Listen to the Mamamia Out Loud team discuss the trial below.
Top Comments
Oh dear. I think most of the people (female funnily enough) who are venting here & having a go at Oliver Curtis & (strangely) Roxy Jackeno are highly likely to be:
1. Overweight
2. Jealous
3. Unsuccessful
4. Frustrated at their own shortcomings - see above items 1, 2 & 3.
Most successful, educated, competent people acknowldege his mistake however understand it in the context of his immature age at the time.
Nope, nope, nope and nope. Plenty of contented, successful people don't covet and/or admire their garish lifestyle, nor view Curtis's as a victimless crime that should go unpunished. Nice try at the "you're just jealous and fat" school yard-level accusation, though. One day you might move beyond that. Good luck to you.
Couldn't possibly be that people have legitimate reasons to dislike Oliver Curtis or Roxy Jacenko, of course. They're all just fat and jealous.
Most educated and competent people became successful because of hard work, not because they were involved in illegal insider trading.
I'm going to ignore your irrational argument, and instead give you the benefit of the doubt and assume you're a friend of Mr Curtis.
5. Most people dislike criminals
"Oliver Curtis is going to jail for insider trading."
Good. Now let us hear no more of this family unless they're doing something truly interesting.
(Oh, look, is that hell freezing over?)