John Gay’s not going to jail.
The former Gunns boss was finned $50,000 for insider trading at Tasmania’s Supreme Court this morning, according to News Corp Australia.
Gay had pleaded guilty to selling $3.1 million worth of Gunns shares in 2009 while he had a report which showed profit was tipped to fall by 139%.
His lawyers had argued a jail sentence would worsen his health. Gay is suffering from prostate cancer.
Gunns went into administration and then receivership last year.
According to ABC News, Justice David Porter said the offence was not in the serious category, and that gay was of “exemplary character.”
Justice Porter said he was convinced Gay sold the shares as a result of his cancer diagnosis
Read more here.
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