Vizard V Rivkin

[- PC -]

I may be well off base here but arent the 2 similar?

Using Information Gained To Buy Shares Is Insider Trading

Vizard faces ban over share trading
21:46 AEST Mon Jul 4 2005
AAP
Celebrity businessman Steve Vizard faces hefty fines and a ban from company management after being accused of misusing his position as a Telstra director to trade shares.

The Australian Securities and Investments Commission (ASIC) has started civil proceedings in the Federal Court against the 49-year-old for trading in the shares of three companies that did business with Telstra.

ASIC was seeking to have Mr Vizard fined and banned from involvement in the management of a company, the corporate watchdog said.

The court action relates to instructions Mr Vizard issued to a company associated with him, Creative Technology Investments (CTI), to buy shares in two companies and dispose of shares in a third company during March and July 2000.

Mr Vizard was a director of Telstra between September 1996 and November 2000.

The former lawyer and father of five is well known as a television performer and presenter.




Mr Vizard's spokesman David Wilson said the Logie winner had agreed with ASIC on the facts presented to the court and had resigned as chairman of Victorian Major Events and the 2007 World Swimming Championships board.

Victorian Premier Steve Bracks said Mr Vizard offered his resignations on Friday, saying he expected to be charged by ASIC.

"We'd certainly consider him for other appointments if the court proceedings clear him of those matters," Mr Bracks told reporters.

"I think it's appropriate he stand down from those organisations, which he has, and I've received and accepted that resignation with regret."

Mr Bracks said Mr Vizard had done a great job in securing the world swimming championships and bringing major events to Melbourne, most recently the Dutch Masters exhibition which opened last week.

Mr Wilson said Mr Vizard had lost $335,000 on the transactions that led to the court proceedings.

"He's relieved this has finally come to a head," Mr Wilson said.

"They're obviously serious matters, but as you know these are not criminal."

ASIC alleges that Mr Vizard instructed CTI to buy $500,000 worth of shares in Sausage Software in March 2000 on the basis of confidential information about a possible merger with Solution 6 Holdings.
He also allegedly instructed CTI to dispose of $100,000 worth of shares in Computershare Limited in March 2000, ahead of Telstra's divestment of its holding in July that year.

And in July 2000, Mr Vizard allegedly bought $250,000 worth of shares in Keycorp ahead of Telstra's purchase of a majority stake in the company.

The matter is listed before the Federal Court on July 21.

ASIC said Mr Vizard breached his duty as a Telstra director by improperly using information given to him as a director to gain advantage for himself or others.

An ASIC spokeswoman said there was no minimum fine for such cases.

An investigation was launched in 2003 after Mr Vizard's former bookkeeper Roy Hilliard made insider trading allegations against him during court hearings in which he was accused of stealing $3 million from one of Mr Vizard's companies.

Mr Vizard's Toorak home and office were raided in December 2003 by Australian Federal Police acting on a warrant executed by ASIC.

At the time, he and his wife, Sarah, said they had volunteered documents to ASIC and had agreed to see the investigators.

Hilliard, 53, of Castlemaine, has been charged with 201 counts of theft totalling $3 million over seven years from a Vizard company, Performing Arts Services.

His trial has been set down for the Victorian County Court on July 25.

Mr Vizard and his family were overseas on a long-planned family holiday and were not due back for several weeks, Mr Wilson said.
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Isnt this insider trading? Doesnt matter whether you lost money or not..its still using information in an attempt to profit.

Send him to jail

 

[purple sneakers]

yes

 

[rick James]

Well done Bracks, another fine appointment. Putting insider traders in high positions for event smanagement... hmmm, better check hsi records to see if he traded with any companies that got those commonwealth games contracts...

 

[Deej]

Vizard is a very competent businessman. And i'd suggest a lot cleaner than most in a similar position. Would have absolutely no prob with him being appointed to another position of great responsibility by the gov't.

 

[rick James]

Vizard is a very competent businessman. And i'd suggest a lot cleaner than most in a similar position. Would have absolutely no prob with him being appointed to another position of great responsibility by the gov't.

well he's clearly not clean considering he's just admitted to insider trading. In fact, he's less clean than what Rivkin was done for by the look of it. Very serious breach.

 

[Deej]

well he's clearly not clean considering he's just admitted to insider trading. In fact, he's less clean than what Rivkin was done for by the look of it. Very serious breach.

I'm not someone who thinks insider trading is that bad a crime.

And do you just forget completely all the philanthropic work he's done for charities?

Let alone all the great work he's done in furthering victoria, for example getting the commonwealth games.

And the bloke lost $300k on the deals in question remember.

 

[rick James]

I'm not someone who thinks insider trading is that bad a crime.

And do you just forget completely all the philanthropic work he's done for charities?

Let alone all the great work he's done in furthering victoria, for example getting the commonwealth games.

And the bloke lost $300k on the deals in question remember.

He used his position as a director to insider trade.

Far worse than rivkin getting a tip from a mate. If Vizard has done this when working at telstra, I worry about which companies got the contracts we used for any 'events' that he organised or oversaw.

 

[purple sneakers]

I'm not someone who thinks insider trading is that bad a crime.

And do you just forget completely all the philanthropic work he's done for charities?

Let alone all the great work he's done in furthering victoria, for example getting the commonwealth games.

And the bloke lost $300k on the deals in question remember.

lets not forget his great work on fast forward either. "Faarkcurry Rugs" - thats just gold!

 

[- PC -]

I'm not someone who thinks insider trading is that bad a crime.

Neither do I..but ASIC does.

And do you just forget completely all the philanthropic work he's done for charities?

Well that makes it all better then. I am sure if you went through Rivkins portfolio you will see charitable donations as well.

Let alone all the great work he's done in furthering victoria, for example getting the commonwealth games.

And saving the humpback whales and umm yeh making sure the Apostles dont fall down ohh ohh and making sure Collingwood dont reach any great heights. Arise Sir Steven Vizard.

And the bloke lost $300k on the deals in question remember.

And? The law doesnt recognise loss or profit in any criminality

 

[Deej]

Neither do I..but ASIC does.

Well that makes it all better then. I am sure if you went through Rivkins portfolio you will see charitable donations as well.

And saving the humpback whales and umm yeh making sure the Apostles dont fall down ohh ohh and making sure Collingwood dont reach any great heights. Arise Sir Steven Vizard.

And? The law doesnt recognise loss or profit in any criminality

The law does recognise remorse in deciding appropriate sentencing though.

Jeez all this posturing about Vizard it's like the guy's evil through and through. Whilst not a close friend, or even a friend, I know him personally enough to know that i've met a lot worse characters in life than him.

Insider trading would have to be one of the lamest charges going round that you can get time for. Rivkin was the same, i felt very sorry for Rivkin what he was put through, should never get time for insider trading unless it drastically affects hundreds of lives in a negative way.

 

[- PC -]

.Jeez all this posturing about Vizard it's like the guy's evil through and through. Whilst not a close friend, or even a friend, I know him personally enough to know that i've met a lot worse characters in life than him.

I thought there must have been a close connction here. There are a lot worse characters but to assume good characters dont do bad things is naive.

Insider trading would have to be one of the lamest charges going round that you can get time for. Rivkin was the same, i felt very sorry for Rivkin what he was put through, should never get time for insider trading unless it drastically affects hundreds of lives in a negative way.

Once again I agree BUT my original point was if Rivkin got put away why cant Vizard? Hey little secret, if it was PerthCrow who did what Vizard did I would still be asking the same question. Its nothing personal on Steves behalf just comparing sentences etc.

Then again if it was me or some nobody I can guarantee I would be treated differently

 

[Falchoon]

Insider trading would have to be one of the lamest charges going round that you can get time for. Rivkin was the same, i felt very sorry for Rivkin what he was put through, should never get time for insider trading unless it drastically affects hundreds of lives in a negative way.

Aaah the old victimless crime argument.

It's a bit like the speeding or drink driving offence. " at least I didn't kill anyone"

In many ways it's a non crime but the facts are he committed it knowing full well it was illegal, I'd give a man like that 2 years for complete and utter stupidity. The guys a lawyer, would have signed contracts and stat decs saying he won't use the knowledge aquired for personal advantage yet goes ahead with it.

Bin him and discourage it, the penalty is not for him, it is to discourage others from doing the same.

 

[Deej]

You guys are argueing points based on the letter of the law saying what it says, i don't trust the law personally. I don't trust the legal system nor the integrity of the people who enforce it. I trust my instincts with people and if Vizard went and slaughtered an old lady with an axe i'd agree a sentence is req'd. But fair dinkum giving someone 2yrs for stupidity, giving someone anything just for stupidity, is just plain wrong. 2yrs just rolls off the tongue but trust me i've spent nights in the lockup and even 1 day is a hell that you will never forget, especially if you believe you didn't deserve it. I think this gung ho mentality would do more damage than good for both vizard and the greater community.

No-one is perfect, doesn't mean you forget all the good they do if they stuff up (within reason of course).

 

[morgoth]

I work in the securities industry and ASIC has regulated us to the point where compliance is the biggest growth industry in the profession. I can lose my job and livelihood for matters that are trivial compared to what Vizrd does.

To be a director of a company, let alone Oz's 2nd largest, is to become the ultimate insider, no major decision can be made without board approval. As such his breach is of the highest office in corporate Australia and he should be made to pay the price ie JAIL TIME! To say it is an innocent mistake is an utter insult to anyone with a brain.

This is not about his charity work, whether he is a good bloke etc. It all comes down to did he act on information not available to the general public. The answer appears to be yes, from that point on, profit or loss does not enter the equation (as Rivkin found out).

An absolute disgrace.

 

[Jumpin' Jimmy]

I work in the securities industry and ASIC has regulated us to the point where compliance is the biggest growth industry in the profession. I can lose my job and livelihood for matters that are trivial compared to what Vizrd does.

To be a director of a company, let alone Oz's 2nd largest, is to become the ultimate insider, no major decision can be made without board approval. As such his breach is of the highest office in corporate Australia and he should be made to pay the price ie JAIL TIME! To say it is an innocent mistake is an utter insult to anyone with a brain.

This is not about his charity work, whether he is a good bloke etc. It all comes down to did he act on information not available to the general public. The answer appears to be yes, from that point on, profit or loss does not enter the equation (as Rivkin found out).

An absolute disgrace.

Should get at least 5 years in the slammer. Vizard knows the law as well as anyone yet choose to ignore it for personal greed. If nothing else he should be set an example of.

 

[Deej]

I work in the securities industry and ASIC has regulated us to the point where compliance is the biggest growth industry in the profession. I can lose my job and livelihood for matters that are trivial compared to what Vizrd does.

To be a director of a company, let alone Oz's 2nd largest, is to become the ultimate insider, no major decision can be made without board approval. As such his breach is of the highest office in corporate Australia and he should be made to pay the price ie JAIL TIME! To say it is an innocent mistake is an utter insult to anyone with a brain.

This is not about his charity work, whether he is a good bloke etc. It all comes down to did he act on information not available to the general public. The answer appears to be yes, from that point on, profit or loss does not enter the equation (as Rivkin found out).

An absolute disgrace.

I don't disagree what he did was a disgrace, but let's face it there's levels of wrongdoing in life isn't there. He hasn't and never intended to ruin anyone's life in doing what he did. Not saying he shouldn't be getting a kick in the arse but it doesn't mean you totally drill the guy. I just don't think cases like this should be viewed so black and white.

But then i argue a similar stance on carlton's penalties too don't i. And others were similarly militant with their stance on that situation too.

 

[Deej]

Should get at least 5 years in the slammer. Vizard knows the law as well as anyone yet choose to ignore it for personal greed. If nothing else he should be set an example of.

I loath and despise this type of thinking, using tall poppies as scapegoats just because you want to make an example of someone. Mate the bloke has a family, he's civilised, pays more tax to the state than you and me combined, does oodles of philanthropic stuff for charities, has worked to improve the state of victoria, and the crime he has admitted and shown remorse for is hardly murder let alone assault or anything that has hurt anyone physically in any way. You MUST take these things into account in my opinion.

 

[morgoth]

Deej

But in relation to Carlton the actions of a few hurt many who had nothing to do with it. From that point of view I can see why you are upset with the AFL, especially since other clubs were let off.

Vizard was acting on pure greed and would have known it was wrong. No one esle is hurt by him being properly punished except he and his family. You might not see it as serious but when you work in the industry it is very important that this crap is stamped out, otherwise we have a disorderly market and investors have no confidence.

 

[Deej]

Vizard was acting on pure greed and would have known it was wrong. No one esle is hurt by him being properly punished except he and his family. You might not see it as serious but when you work in the industry it is very important that this crap is stamped out, otherwise we have a disorderly market and investors have no confidence.

Banning him from being a company director for 5yrs might be a better punishment, jail in my opinion is just way too harsh.

 

[Jumpin' Jimmy]

I loath and despise this type of thinking, using tall poppies as scapegoats just because you want to make an example of someone. Mate the bloke has a family, he's civilised, pays more tax to the state than you and me combined, does oodles of philanthropic stuff for charities, has worked to improve the state of victoria, and the crime he has admitted and shown remorse for is hardly murder let alone assault or anything that has hurt anyone physically in any way. You MUST take these things into account in my opinion.

What you are saying is there should be one law for a high profile type like Vizard and another law for normal citizens like myself and others who have a family, pay our taxes etc. I despise that type of thinking vehemently because you are judging him to be of a separate, upper class...... this he never was nor should be in Australian society. Under Australian law we are all supposed to be equal........... rule number 1.

The only reason Vizard owned up was because he was caught red-handed. From what it seems a disgruntled ex-employee knew what Vizard was up too and decided to use that info against him. So far as I can see Vizard got what he deserved....... public disgrace. In addition, like any other white collar criminal, he should do time commensurate with his crime.

The only thing worse than white collar criminals is apologists who make excuses for them.

 

[Deej]

What you are saying is there should be one law for a high profile type like Vizard and another law for normal citizens like myself and others who have a family, pay our taxes etc. I despise that type of thinking vehemently because you are judging him to be of a separate, upper class...... this he never was nor should be in Australian society. Under Australian law we are all supposed to be equal........... rule number 1.

The only reason Vizard owned up was because he was caught red-handed. From what it seems a disgruntled ex-employee knew what Vizard was up too and decided to use that info against him. So far as I can see Vizard got what he deserved....... public disgrace. In addition, like any other white collar criminal, he should do time commensurate with his crime.

The only thing worse than white collar criminals is apologists who make excuses for them.

WOOOOO

Try reading my posts goose, one law for him and one for the rest i did NOT say that. You been smoking bongs? I'll say it again, I generally don't believe that insider trading is a serious crime. It is not a class thing and if you committed the crime i'd similarly be dead against you doing time. Combine that with all the other philanthropic work Vizard has done and i'm even more against him going in the clink.

You got some sort of chip on your shoulder about people with more money than you?

 

[rick James]

otherwise we have a disorderly market and investors have no confidence.

ding ding ding! We have a weiner!

If we let Vizard get a 'slap ont he wrist' type of sentence, what's stopping the Heads of many of our major companies making serious money through insider trading?

The fact is, it undermines the market, we can't have people who trade in high volume, and are in positions where they get info before the public, using that info and pwoer to undermine the market. It completely destroys the purpose of having open share trading.

 

[Jumpin' Jimmy]

WOOOOO

Try reading my posts goose, one law for him and one for the rest i did NOT say that. You been smoking bongs? I'll say it again, I generally don't believe that insider trading is a serious crime. It is not a class thing and if you committed the crime i'd similarly be dead against you doing time. Combine that with all the other philanthropic work Vizard has done and i'm even more against him going in the clink.

It's patently obvious who has been smoking a bong. Insider trading is not a class thing? It is exactly that....... an individual using privileged information to his own advantage against other individuals who do not enjoy that privilege.

Anyone who condones such behaviour has poor moral and ethical principles.

 

[- PC -]

ding ding ding! We have a weiner!

If we let Vizard get a 'slap ont he wrist' type of sentence, what's stopping the Heads of many of our major companies making serious money through insider trading?

The fact is, it undermines the market, we can't have people who trade in high volume, and are in positions where they get info before the public, using that info and pwoer to undermine the market. It completely destroys the purpose of having open share trading.

And we have Jeffery Lucy ( must be related to Judith becuase he is comic gold) saying ''Vizard case critics are undermining confidence in finacial markets''

And insider trading doesnt????????????

 

[Deej]

It's patently obvious who has been smoking a bong. Insider trading is not a class thing? It is exactly that....... an individual using privileged information to his own advantage against other individuals who do not enjoy that privilege.

Anyone who condones such behaviour has poor moral and ethical principles.

Mate you're unreal, where have i bloody well condoned it?

Insider trading is NOT a class thing.

Is it possible for you to actually think this through without getting hysterical with generalisations?