Federal DPP seeking fine for Gay

Commonwealth prosecutors are seeking a money penalty against Former Gunns chairman John Gay, the Supreme Court in Launceston has heard.

Gay, 70, was found guilty last year of insider trading in 2009 and fined $50,000.

News that the Office of the Commonwealth Director of Public Prosecutions is seeking a pecuniary  penalty order was revealed today.

Gay's legal team is currently fighting to overturn a ban on Gay serving as a director of his family company Specialty Veneers.

When Gay was found guilty of insider trading he was automatically banned from serving as a director for five years.

His lawyer told Justice Robert Pearce today that the pecuniary penalty order showed Gay could be punished in other ways other than being prevented from running his company.