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John Kizon and Nigel Mansfield leave court. Picture: Nic Ellis/The West Australian.
John Kizon and Nigel Mansfield leave court. Picture: Nic Ellis/The West Australian.

The lawyer defending alleged insider trader John Kizon today accused prosecutors of failing to answer critical questions about spruiking by managing director Malcolm Day.

Defence barrister Con Heliotis said prosecutors had acknowledged that the real issue was what information Mr Day had given to investors, share analysts and investment fund managers.

Yet Mr Heliotis told a District Court jury that prosecutors had failed to present any evidence about what Mr Day shared with these people.

He said that for the jury to find Mr Kizon guilty, the prosecutors were obliged to prove that the information was different to material shared with Mr Kizon's share investing partner Nigel Mansfield.

He made the comments summing up Mr Kizon's case after a five-week trial on five charges that the colourful Perth identity conspired with Mr Mansfield to insider trade AdultShop shares in the first half of 2002.

Insider trading relates to someone buying or selling shares while possessing price sensitive information that is not generally available.

Mr Day was not called as a witness by prosecutors. The accused men did not call any witnesses but their lawyers extensively cross-examined witnesses about Mr Day's company promotion activities.

The jury has been told about Mr Day boasting of hosting a river cruise with brokers and wealthy investors.

He also spoke about being invited to the wedding of Denby Roberts and speaking to Perth's "big nob spankers".

Mr Heliotis said that if the jurors had a pre-conceived idea of who Mr Kizon might or might not be, they had to acknowledge that and then put it to one side in judging the case.

Mr Heliotis said they had to decide the case on the evidence presented.

The trial continues.

The West Australian

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