A grim-faced Curtis, 30, was released on bail pending Justice Lucy McCallum's decision on sentence. He faces the prospect of up to five years in prison. Oliver Curtis departs after a Supreme Court jury found him guilty of insider trading. Credit:Dominic Lorrimer The insider trading trial of the decade pitted former school friends against each other as John Hartman, Curtis' former best friend and the son of wealthy Sydney obstetrician Keith Hartman, appeared as the prosecution's star witness. Curtis opted not to give evidence. But Fairfax Media can now reveal his legal team fought tooth and nail to halt the trial, including an application to have the case shut down on the basis he had no case to answer. Justice McCallum threw out the application, heard in the absence of the jury, on the ninth day of the 12-day trial. The defence had also launched an aborted attempt to have Mr Hartman's evidence withdrawn, a move that would have scuttled the trial.

Ms Jacenko, the founder of public relations agency Sweaty Betty, appeared by her husband's side in court throughout the trial and garnered headlines for posting her courtside fashion on Instagram. Roxy Jacenko leaves the Supreme Court after the guilty verdict was handed down. Credit:Dominic Lorrimer Justice McCallum noted Ms Jacenko's profile in the early stages of the trial and suggested to the defence team that she should avoid posting about the trial on social media. But the real drama unfolded inside the courtroom. Mr Hartman told the court he struck an illegal deal with Mr Curtis in 2007, when the pair were in their early 20s, to use inside information Mr Hartman acquired in the course of his job as an equities dealer at Orion Asset Management, a boutique investment firm near Circular Quay. The St Ignatius' College, Riverview, old boys made $1.43 million in a year betting on the share market and spent the proceeds on lavish expenses including a $3000-a-week Bondi apartment, a $60,000 Mini Cooper, a $20,000 Ducati motorbike and a luxury holiday to Whistler and Las Vegas.

The profits made by the men were "crazy, it's sick," Mr Hartman told the court during a three-day stint in the witness box. It was "the easiest money we could have possibly made". Taped telephone calls played in court revealed Curtis placing the trades at the centre of the case. "Good little afternoon," he quipped after making almost $70,000 in a day. On another occasion, the men made a $200,000 profit. In another call, recorded in April 2008, he said of a relatively insignificant trade: "It's f--k all. Made a couple of grand." Mr Hartman said the men covered their tracks using BlackBerry mobile phones to communicate using a technique known as "PIN-to-PIN messaging" because the content of texts were not recorded by telecommunications providers.

But Curtis' legal team had argued their client only received legitimate trading tips from Mr Hartman. They also contended Curtis was simply "generous" and had bought Mr Hartman a motorbike for his birthday rather than paying for it out of the proceeds of their secret deal. Mr Hartman served 15 months behind bars after pleading guilty to a string of insider trading offences, most of which related to his own trading. He also pleaded guilty to a small number of offences relating to tips he passed on to Mr Curtis. The court heard his sentence was reduced after he agreed to give evidence against his former best friend. The defence had attacked his credibility on the basis he was motivated by a desire to save his own skin. Justice Lucy McCallum will hear sentencing submissions from the parties on June 17. Chris Savundra, senior executive leader of markets enforcement at the Australian Securities and Investments Commission, said the watchdog welcomed the jury's decision.

"It reinforces ASIC's commitment to pursue complex market misconducts such as these, no matter how long they may take or how vigorously they are defended," Mr Savundra said.