As part of his deal with the Australian Securities and Investments Extract form the SMH... Vizard will face only civil rather than criminal charges. ...He has agreed that as a Telstra director he acquired confidential and price-sensitive information about three companies and used the information to trade in their shares. He also used a vehicle to buy the shares that was, in effect, hidden from his direct influence. In order to get an admission on using the price-sensitive information, a deal was done with Vizard that he would face only civil charges. ...These deals, involving Sausage Software, Computershare and Keycorp were huge and would not simply have been communicated to Telstra directors via an odd email. They would have been discussed at board level. Any director that was not aware of them must have been asleep for 18 months. Senior corporate lawyers all over town cannot believe the deal the DPP has struck with Vizard. And because in this deal Vizard has admitted to trading the shares and having access to price sensitive commercial information, these facts cannot be used against him criminally.

Hi Gus,

I'm not sure if I'll get into trouble for posting this but below is an item written by Peter Faris in today's Crikey.com.

Seems like Vizard is even 'luckier' than we thought.

Cheers.

Faris: How ASIC could have sent Vizard to jail

 

Peter Faris, Melbourne QC and former head of the National Crime Authority, writes:

ASIC Chairman Jeff Lucy has described my comments that ASIC was soft on Vizard as “quite outrageous.

From the ABC

Vizard authorised secret cash stash, court hears
A Melbourne court has heard Melbourne businessman, Steve Vizard, told his former bookkeeper to set up a secret stash of money.

The Westpac Bank is suing Mr Vizard's former bookkeeper in the Supreme Court.

The court heard Roy Hilliard stole about $3 million from Mr Vizard's accounts by writing unauthorised cheques, between 1991 and 2000.

It is alleged Mr Hilliard used the stolen money to buy shares and travel overseas.

But Mr Hilliard's lawyer told the court Mr Vizard told him to write the cheques to establish a secret cache of money, and that Mr Vizard made frequent use of loyal servants to generate profits for his own gain.

The court heard Mr Vizard will face further questioning about insider trading when he is called to give evidence later this week.

Two of Australia's most well-known broadcasters are up in arms over broadcaster 3AW's decision to give convicted insider trader Steve Vizard an afternoon radio show.

Radio host Neil Mitchell and self-proclaimed "human headline" Derryn Hinch have expressed anger that 3AW management have given Vizard air-time over a two-week period in September when Dennis Walter goes on leave.

Vizard was found guilty in 2005 of abusing his position as a Telstra director for personal gain.

This morning, Mitchell slammed 3AW's decision, saying it would hurt the station's integrity and reputation.

"I think that access to a microphone is a great privilege. I think it is in many ways, and particularly to you, the audience, it's more important than being a director," he said.

http://www.abc.net.au/news/2012-08-24/uproar-over-decision-to-give-vizard-radioshow/4221622

 

see toon and story at top...