Former Telstra director, Steve Vizard was this week sentenced in federal court over insider trading transactions undertaken during his time at the helm of the telecoms firm.
Mr Vizard stood accused of breaching his duty as a director by improperly using confidential and price sensitive information given to him as a director of Telstra to gain an advantage for himself and others.
The AUS$390,000 fine and 10 year ban on serving on corporate boards was tougher than that sought by the Australian Securities and Investments Commission (ASIC) which had sought a $390,000 fine and a 5 year ban on managing a company. However, ASIC had faced criticism for its 'soft' stance on Mr Vizard's activities.
Speaking earlier this month, Commission chairman, Jeffrey Lucy hit back at claims that the regulatory body has been lenient on the former Telstra executive because of his political connections.
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