Casino And Adult Entrepreneur Cleared Of Insider Trading
Australians continue to maintain their "Underbelly" like status on a national and international scale.
Perth's John Kizon, adult industry and (maybe former) gambling entrepreneur, got our attention.
The good news for John is that's he's basically off the hook on insider trader charges, at least at this stage of the game.
Charges in relation to trades in an online sex shop and gambling website, My Casino, have been thrown out.
His business partner, Nigel Mansfield, had all but four charges against him dismissed in the West Australian District Court last Monday.
The ruling Judge, John Wisbey, discharged all counts against Mr Kizon of criminal conspiracy and engaging in insider trading after concluding there was not enough evidence...perhaps Asian casino king Stanley Ho and MGM management might like to take a closer look at this situation. Evidence is paramount. The FBI, AFP and the like may say something, but until it's tested in court its allegations and hearsay.
Outside the courthouse, Mr Kizon's legal eagle, Stephen Shirrefs, told press the acquittal verdicts on all charges against his client showed "the judge agreed there was a fatal defect in the case".
He declined to go into specifics until the court ruled on the final four charges against Mansfield.
Kizon and Mansfield had pleaded not guilty to nine counts of criminally conspiring to commit insider trading offences and a raft of insider trading counts.
The prosecutors alleged the acts took place between January 6 and July 12 in 2002, and the charges were brought by the Australian Crime Commission in 2004.
The prosecution argued the pair possessed market-sensitive information about Adultshop.com and online gambling site My Casino, and bought and sold shares in those companies to profit.
The court had heard that the pair became aware AdultShop was expected to post a profit of $11 million in the 2002 financial year, up from $3 million the previous year, after its turnover lifted from about $50 million to $111 million.
It has yet to be discovered if Kizon and Mansfield prefer online poker or online casino, but we reckon they are a good bluff in any event.
Ah, the age old connection between gambling, porn and the legal system is alive and well down under. These Aussie's love their vice, and they don't need to travel to Miami to get it. Maybe Network Nine's 'Underbelly' producers may like to give these gents a visit, or if not them, how about Foxtel - Crime and Investigation Network babe and crime writer, Tara Moss. All good fodder for an upcoming book or mini series.
The trial, before a jury, continues this Tuesday to hear the remaining four insider trading charges against Mansfield. Good luck gentlemen, you're throw of the dice.
*Greg Tingle is a special contributor for Gambling911
*Media Man http://www.mediamanint.com is primarily a media, publicity and internet portal development company. Gaming remains just one of a bakers' dozen of industry verticals they report on.
