Privilege to prison: socialite Oliver Curtis charged

AS A wedding gift, Oliver Curtis bought his publicist wife Roxy Jacenko a Ferrari. The couple’s wedding last March is rumoured to have cost more than $250,000. Together with Jacenko and daughter Pixie, he lives in a $6.6 million house in Sydney’s eastern suburbs.

But if found guilty of conspiring to commit insider trading, the socialite and investment banker could experience a very different lifestyle.

Curtis, 27, faced Downing Centre Local Court today charged with a single count of conspiracy to commit insider trading.

If convicted, the son of the wealthy mining executive Nick Curtis faces a maximum sentence of five years’ jail. He is yet to enter a plea.

The charge relates to an alleged agreement between Curtis and his former close friend, John Hartman. Curtis allegedly traded based on inside information Hartman possessed about his then employer, Orion Asset Management. In doing so, the pair sought to take advantage of expected movements in Orion’s share price and split the profits, the Australian Securities and Investments Commission alleges.

Allegedly conspired to commit insider trading ... Oliver Curtis. Picture: Lee Besford

Allegedly conspired to commit insider trading … Oliver Curtis. Picture: Lee Besford

In April 2010, Hartman pleaded guilty to insider trading and was sentenced to three years’ jail. He served 15 months behind bars – the youngest person jailed in Australia for insider trading.

Curtis allegedly traded on 45 separate occasions between May 2007 and June 2008, profiting in excess of $1 million.

ASIC will allege that he shared the funds with Hartman in the form of cash and by purchasing expensive items for him.

Magistrate Graeme Curran granted Curtis bail and allowed him to keep his passport.

Ms Jacenko was not present in court.

John Hartman, left, and Roxy Jacenko.

John Hartman, left, and Roxy Jacenko.

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