Former Gunns chairman John Gay has avoided jail after pleading guilty to insider trading.
Instead he's been fined 50-thousand dollars.
Gay sold about 3.4 million Gunns shares in December 2009 while in the possession of a management report that showed company profits falling by more than a hundred per cent.
The sale netted more than three million dollars.
Tasmanian Supreme Court Justice David Porter says Gay had made up his mind to sell the shares before he received the information.
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