The front fence of Mr Gay's East Launceston home was spray-painted by vandals on Sunday night with the words ``Sorry about your wall Mr Gay,'' accompanied by obscene depictions of male appendages.

Mr Gay said yesterday that while he was not sure of any motive for the crime, he did have some suspicions. 

``Why would they? I think it's my past history, probably, at Gunns,'' he said. 

This is the third time Mr Gay's home has been targeted, after the fence was vandalised two weekends in a row in 2009.

A smoke bomb was left on his front doorstep during the second incident. 

Mr Gay said that the graffiti would not be covered by his insurance. 

Mr Gay was convicted of insider trading in August 2013, after selling 3.4 million Gunns shares in 2009 while possessing price sensitive information.

He is being pursued by the Commonwealth Director of Public Prosecutions under the Proceeds of Crimes act. 

Final submissions from the CDPP are due by August 21.

The Proceeds of Crimes bill could reach almost $1 million. 

Mr Gay has not reported the incident to police.