A former Goldman Sachs banker has been found not guilty of raping an Irish student in New York in 2013.

Jason Lee, 38, had been accused of raping the then 20-year-old following a party at a holiday home he had been renting in the Hamptons.

The woman and her friend had travelled to New York to testify during the three week trial.

Lawyers for the prosecution and the defence finished their closing arguments before Judge Barbara Kahn at the courthouse in Riverhead yesterday evening.

Mr Lee had waived his right to a jury trial and Judge Kahn delivered her not guilty verdict in court today.

After deliberating for less than 24 hours, she cleared Mr Lee of all three charges he was facing - first degree rape, sexual misconduct and assault.

Judge Kahn said that the prosecution had failed to prove the case beyond a reasonable doubt.

She also pointed out that although the woman's brother was there on the night in question, he had failed to testify in court. 

Speaking after the verdict, one of Mr Lee's lawyers Edward Burke said: "These were false accusations and we are deeply troubled that it went this far".

Suffolk County District Attorney Thomas Spota said that they had made every effort to contact the woman's brother but that he had chosen not to testify.

Mr Spota said: "I can't account for the judge's thinking". 

He added that he disagreed with the judge's verdict.

During the trial the court had heard how the woman and her friend had come to the Hamptons at the end of a summer spent working elsewhere in the US, to visit her brother on their way home to Ireland.

On the night in question they had all been in the Georgica nightclub and had met Mr Lee and his friend.

The court heard that after a night spent drinking and "having fun" in the nightclub - which included the woman's friend and Mr Lee's friend sharing a kiss - they all went back to Mr Lee's rented house to continue the party, which included jumping into the property's swimming pool. 

The woman had alleged that later in the night, she had gone into a downstairs bathroom to get changed, when Mr Lee had followed her, pushed the door so hard she fell to the floor, where she had alleged he proceeded to rape her.

Although the woman's brother was also present in the rented house at the time of the alleged attack, he did not travel to give evidence because he said he was sitting his final exams in Ireland.

The court later heard that his Facebook page showed he attended a party and a marijuana legalisation event.  

He was the first one to see his sister after the alleged incident and was the one to prompt her to tell the police about what had happened.

Delivering her verdict today, Judge Kahn referred to his non-appearance saying that "through no fault" of the prosecution team, the court had been "deprived" of the brother's testimony.

Addressing the court in his closing argument yesterday, defence lawyer Andrew Lankler said there were "clear inconsistencies" and "outright contradictions" in the testimony of the Irish woman - who had travelled to New York to give her tearful evidence.

Mr Lankler told the court that there was "not one piece of evidence" which could prove beyond a reasonable doubt that his client should be convicted of rape in the first degree.

Judge Kahn agreed with him today and found his client not guilty of raping the woman.

Mr Lankler had highlighted how none of the others in the house at the time had heard evidence of a violent struggle although they were just yards away.

He also pointed to evidence of the woman's saliva found on Mr Lee's  shorts, suggesting the pair had engaged in consensual oral sex.

However when the police were called to the property by Mr Lee's friend, Mr Lee effectively disappeared and was not seen for over two hours.

During the trial, the court had heard evidence of how Mr Lee had made 49 calls and text messages while hidden including to taxi companies and his employers Goldman Sachs.

Prosecuting lawyer Kerri Ann Kelly said that these acts pointed to the "palpable" "consciousness" of Mr Lee having committed a "heinous crime", adding that the multiple communications were "indicative" of his panic with one of those texts asking for an "assist" from a law enforcement connection of a friend of his.

Yesterday Ms Kelly reminded the judge of the emotional testimony of the Irish woman saying Mr Lee had "destroyed her innocence," and had taken "what he wanted... on her testimony alone, he is guilty of rape in the first degree."

But Mr Lee's lawyer pointed to the lack of hair and other physical evidence found at the scene, and to expert testimony that the woman's bruises were pre-existing.

He said that when taken all together, the lack of concrete evidence was "overwhelming" and that the prosecution had "utterly failed to prove the case beyond a reasonable doubt."