Nice To Have Friends

Not only has Steve Vizard managed to avoid a criminal trial for insider trading, he now has the prosecution QC arguing in his favour.

From the ABC News Website:

The barrister representing ASIC, Neil Young QC, told the court Mr Vizard had deliberately committed serious breaches of his duties.

But on the matter of a penalty, he said Mr Vizard's genuine and comprehensive admissions should result in a significant reduction in penalty.

Mr Vizard admitted to all three transactions, he did not try to pick and choose and for that he deserves credit, Mr Young said.

He urged Justice Raymond Finkelstein to take into account Mr Vizard's contrition and the public disgrace he has experienced.

In the absence of those factors, Mr Vizard would face a ban from managing a corporation for between seven and 12 years, and fines of up to $600,000.

Instead, Mr Young recommended a lenient penalty, including a fine of no more than $390,000 and a ban from managing corporations of up to five years.

This would have to be the first time I've ever heard of the prosecution not going for the maximum penalty. Just what is it about Vizard that has the Melbourne establishment protecting him?

At least the judge doesn't sound all that impressed by the pleas on behalf of the accused.

... Judge Finkelstein leaned forward and said he was struggling with the relevance of Mr Vizard's past good behaviour. What is important, he noted, was the nature of the offence and its consequences, not the character of the offender.

Mr Judd [Vizard's defence QC] then noted how Mr Vizard had lost money in the share dealings. Justice Finkelstein replied that that was an argument for the tax commissioner, not him.

Hopefully, the judge will take the view that Vizard should have been in front of a criminal court rather than a civil one, and base the severity of the sentence with that in mind.