There was insufficient evidence used to convict Sydney investment banker Oliver Curtis of insider trading, his lawyers said.
In June, Curtis was sentenced to at least 12 months in prison for using inside information in a series of trades which earned him and his former friend John Hartman a profit of $ 1.4 million. .
Curtis, 30, has been convicted of conspiracy to commit insider trading 45 times.
He is now challenging the jury’s guilty verdict.
His attorney Bret Walker SC said that since it was a conspiracy charge, prosecutors had to prove that the deal he made with Hartman “could”, not just “could” result in an offense.
“We say it was not open to the evidence,” Walker said.
“It is necessary that the terms of the agreement, if implemented, would result in the commission of an offense.
“The choice has been made here to allege a conspiracy.”
“Very clear agreement”, according to the court
But a crown attorney said there could be no mistake about what Curtis and Hartman were doing.
âThe deal was very clear,â said Wendy Abraham QC.
âIt was based on inside information with certain characteristics.
“The crown clearly can and has proven the case.”
Curtis was dressed in prison greens as he appeared by video link for his appeal hearing.
Curtis’ parents were in court for the appeal hearing, but his wife Roxy Jacenko did not attend.
The lawsuit learned how he shared the illegal benefits of insider trading using confidential information between May 2007 and June 2008.
The court heard that Curtis had received information from Hartman.
Prosecutors said Hartman, who worked for Orion Asset Management, told Curtis when to buy and sell “contracts for difference” and at what price, using information that was not publicly available.
Prosecutors had asked for a five-year prison sentence, arguing that his crimes were a “form of cheating”.
However, New South Wales Supreme Court Judge Lucy McCallum handed down a minimum sentence of one year, saying jail time would provide a “real bite” as a deterrent against crime in the United States. White collar.
The court today reserved its decision on the appeal.