An owner an up market London escort agency was found not guilty of controlling prostitution for her personal profit
Larissa Miesnieks, 39, who was born in, Sydney, and lived in Kensington, west London, faced up to two years in prison on charges of controlling prostitution and acquiring criminal property.
A jury of nine men and three women took less than 40 minutes to reach their verdict at London's Southwark Crown Court.
Leaving court last night, Ms Miesnieks said she felt "amazing" and added that she needed a drink to help process the result.
"The most horrible time in my life has just become the best moment of my life," she told to the news papers .
Her friend, who wished not to be named, said Ms Miesnieks had "held it together" during the 18 months of the case.
"She's been meditating, doing yoga, she's been doing really well until this week." she said.
Using the false name 'Lisa', Ms Miesnieks ran the escort websites Atlantic Companions and Pure Brit, targeting rich city bankers in their lunchtimes.
Between January 2006 and June 2010, Ms Miesnieks, who was also an escort and took 30% commission from the escorts on her books, made about £300,000 ($A442, 800), the court heard.
In evidence presented during to court, Ms Miesnieks was accused of laundering money into a bank account in Dubai, where she claimed she was preparing to relocate.
In his closing argument, prosecutor Lawrence Aiolfi told the jury Ms Miesnieks was in a "position of power and influence" over the escorts that where under her control.
In a manuscript titled 'Information for New Girls', Ms Miesnieks indicated the type of underwear the escort girls on her books should wear and instructed them to call her within 10 minutes to inform her that money had been taken from a client, Mr Aiolfi said.
However Ms Miesnieks argued that she "cared for her girls" and was not controlling their prostitution for her profit.
The defense barrister Mark Seymour said his client denied the charges and had started her agency as a "co-operative", operating it "for the girls" and giving them control over what jobs they took.
On a trip to Sydney, Ms Miesnieks once sent flowers to one of her escorts and would go to drinks and coffee with them, he said.
"She in general cares for them and is looking out for them and wants to help them," he said.
"When you look at all of it, it is the complete opposite of power and control."
Sitting in the dock, Ms Miesnieks often became emotional.
She told the court her prostitution ring had been her "little secret" and she did not want her family to find out.
Prostitution and operating an escort agency are legal in the UK, but it is illegal to control prostitution and gain from that control.