The timing was exquisite. As markets around the world were reeling from the aftershocks of the credit boom, an executive who epitomised self-delusional corporate excess has been brought to justice. Martin Lukes, former chief executive of a-b glöbâl and Financial Times contributor, was on Wednesday found guilty of insider trading. He now faces jail and a $125,000 fine.

The outcome in this unusual and complex case is fair. The jurors saw through Mr Lukes’ public image and found a charlatan out for what he could get, regardless of the law. His acquittal on three counts of expenses fraud shows they weighed the evidence responsibly, instead of lumping all the charges together.