Aug 23, 2013

Tracing a fall from grace as Gunns baron fined for insider trading

Former Tasmanian timber chief John Gay has been fined $50,000 for insider trading. Former economist John Lawrence traces what went wrong for Gunns and Gay.

Tasmanian timber baron John Gay was this morning fined $50,000 for insider trading in a Launceston court. It’s been a serious fall from grace for a businessman who was once highly influential and seemed poised to build a controversial pulp mill in northern Tasmania.


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8 thoughts on “Tracing a fall from grace as Gunns baron fined for insider trading

  1. john willoughby

    What a joke the legal system is.. if you got caught stealing timber out of gunns yard the penalty would have been greater.. Rene Rivken must be rolling over in his grave..
    Don’t buy gun if you want to rob people .. just a suit and tie .. PATHETIC..

  2. zut alors

    Leapin’ lizards! $50K, that must really hurt. I jest.

  3. Bill Hilliger

    If Gay had been a single mother taking financial advantage of the social security system, it would’ve been prison.

  4. AR

    BillH – beat me to exactly the same comparison. Great minds an’all…

  5. Liamj

    Looking for a bright side in this joke penalty, who did John Gay steal from: Gunns investors, who knew they were backing an amoral money grubber. Caveat emptor.

  6. klewso

    It’s a sad fact, “The dirtier the hands, the worse the sentence.”?

  7. @Keening_Product

    “The judge found Gay had been motivated to sell up shares because of a cancer diagnosis more than the receipt of sensitive financial information.”

    As much as I appreciate the desperation felt around a cancer diagnosis, is this really adequate justification for breaking the law in a way that affects others?

  8. Jack Phat

    Our judicial system is an absolute disgrace, it’s just one lot of fat cats protecting another lot of fat cats, how about that it’s the same as our political system.
    I just hope that Clive is serious about changing Politics in this country because in four years time at the next election I see him receiving a very significant percentage of the vote between 25/35%. Hopefully he can have an effect on our justice system as well.

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