Oliver Curtis could return to trading on Friday
Disgraced banker Oliver Curtis will be released from Cooma Correctional Centre on Friday and could return to trading shares as soon as he walks out the gate.
A spokesman for the Australian Securities and Investments Commission told Daily Mail Australia there was no restriction on Curtis’ ability to work in the financial sector, only that he could not be the director of a company for five years.
In June 2016, Curtis was found guilty of conspiring to commit insider trading, and sentenced to a maximum of two years behind bars.
Despite his conviction, the ASIC spokesman revealed Curtis will still be able to make trades for a company and in his own name, as well as provide financial services to others.
Oliver Curtis was jailed in June 2016 for conspiracy to commit insider trading (pictured after his conviction)
The disgraced banker is expected to be released from Cooma correctional centre on Friday
He will first have to obtain an Australian Financial Services License, for which he is eligible and it is expected that will take up to 60 days. But even without one, he can still trade shares in his own name.
It’s also possible he already has the license, which would negate the 60 day wait.
The five-year ban on directorship, which begins when Curtis is released on Friday, is an automatic result of being convicted under the Corporations Act.
To have been banned from any other financial work, ASIC explained a specific ban would need to have been sought, and none was for Curtis.
During a lengthy Supreme Court trial last year, a senior crown prosecutor claimed Curtis used tip offs from his former best friend John Hartman to net an alleged $1.433 million profit, which they shared together.
Despite his crimes, he will be able to return to banking and trading as soon as he is released from prison
The jury heard the banker had made trades between May 27 and June 2008 based on confidential information Hartman possessed as an employee of Orion Asset Management.
It heard the trades netted the pair, who were in their early 20s at the time, $1.43 million, which was spent on a luxurious Bondi unit, holiday, a car and motorbike.
Though he has picked up a variety of horticultural skills during his time behind bars, and completed TAFE courses in weed spraying and bobcat operation, it is expected the 31-year-old will return to banking.
It is possible he will go to work for his father Nick Curtis, who founded BBI Group, a mining company which is developing an integrated iron ore port and rail infrastructure project in the Pilbara.
Curtis could go to work for his father Nick Curtis at BBI Group in Sydney (pictured right)
Earlier this year, Curtis’ wife, PR maven Roxy Jacenko told Daily Mail Australia things will be ‘business as usual’ when her husband returns, and that she has advised him to go straight back to work.
‘He’ll be released on the 23rd of June and the most important thing for him will be to spend as much time as he can reconnecting with the kids, she said.
‘For a five-year-old and a two-year-old, 12 months away from your father is a very long time, so there is no other focus for him – other than working on a day to day basis – than spending as much time as he can with the kids and making sure he’s forming that relationship he hasn’t had the opportunity to form.’
She went on to say routine would play a big part in the weeks following her husband’s reintegration into society.
‘[Routine is] the only way to get over things in life, the only way to power through them and get back to normality is resuming life, resuming your career, resuming the time you spend with your children and your family.’
‘So it’s been discussed, and I’m very much of the mindset that, my suggestion to him is straight back to work.’
His wife, PR maven Roxy Jacenko, has said it will be important for her husband to reconnect with his children and return straight to work, whatever that may be
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