*Pic: Garry Stannus’ picture of John Gay leaving court after Justice Porter’s slap on the wrist ... What the hell do judges smoke the Apple Isle ... ?
The Commonwealth prosecutor’s office has revealed disgraced Tasmanian businessman John Gay made more than $3m through insider trading, and has vowed to pursue the funds.
The Commonwealth Director of Public Prosecutions (CDPP) is pursuing the money Gay made in a series of illegal trades between December 2 and 10, 2009.
Gay chaired the timber giant Gunns for eight years until 2010.
Gunns went into voluntary administration in 2012, just weeks after announcing a $904 million loss.
Investors lost more than a billion dollars.
Gay was convicted last year of selling 3.4 million Gunns’ shares while he had price sensitive information.
The courts fined him $50,000 and disqualified him from acting as a director of any company for five years, a ban overturned by the Supreme Court this year.
• Pete Godfrey, in Comments: Interesting how the powers that be could not decide how much money he made from the insider trading, now the commonwealth dpp has found a way. Fairly simple eh just multiply the number of shares by the price he got. Of course he may or may not have got less if he waited to sell them but the facts are that he did not wait. There may yet be some justice done. Not holding my breath though as we all know the laws are written by the rich to advantage the rich.