A District Court this afternoon acquitted Australian Crime Commission target John Kizon over an alleged conspiracy to insider trade shares in internet pornography company AdultShop.com.
The jury of nine men and three women took less than four hours to acquit Mr Kizon of five conspiracy charges and one related charge of insider trading dating back to 2002.
After a six week trial, the jury also acquitted Mr Kizon’s share investing partner Nigel Mansfield over the alleged conspiracies and of 28 insider trading charges.
The jury was played more than 170 intercepted phone conversations involving people including the accused men, their stockbrokers and AdultShop boss Malcolm Day.
Mr Day, the AdultShop managing director and major shareholder, was not called as a witness.
However, Mr Day came under intensive attack from defence lawyers for spruiking AdultShop shares and giving false information to the stock exchange about the company’s affairs.