Tasmania abolishes insider trading laws

What the hell do the judges smoke down in the Apple Isle? First there was the insider trading case against John Gay, a former CEO of failed Tassie logger Gunns. Gay got wind of poor figures from a management report and sold a stack of shares before the information was released to market, saving himself around $750,000 in potential losses. The case was so open-and-shut that even ASIC pursued it. Gay pleaded guilty and faced up to five years’ porridge and a $220,000 fine. But Justice Porter wasn’t convinced, describing Gay’s character as ‘exemplary’ and his crime ‘not in the...

What the hell do the judges smoke down in the Apple Isle? First there was the insider trading case against John Gay, a former CEO of failed Tassie logger Gunns.

Gay got wind of poor figures from a management report and sold a stack of shares before the information was released to market, saving himself around $750,000 in potential losses.

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