Tech guru busted sneaking into Queensland on a luxury superyacht with four mates to watch the Wallabies was cashed up after selling stock worth $10million
- Tech whiz Jeromy Young was the former CEO of ASX-listed company Atomos
- Earlier this year, Mr Young sold share sale of his tech empire for $10 million
- Mr Young sailed with three friends from Sydney to Brisbane - despite lockdown
- Later attended Wallabies Test match versus France, group fined $4100 each
- The fine is considered lenient by many, given Mr Young's excessive wealth
The business executive fined for sailing from Sydney into Brisbane to watch the rugby last week with three mates - breaking the lockdown in NSW - was cashed up after a huge share sale of his tech empire this year.
Business records reveal Jeromy Young, 44, in February sold down a large portion of shares in Atomos — the company he co-founded in 2009.
Mr Young, who remains an executive director of the global video technology firm, on February 22 informed the ASX he had sold 10 million shares, returning a cool $10.2 million, according to the Daily Telegraph.
He is currently in mandatory isolation in Queensland after being fined $4135 for filing false border declarations along with his personal assistant from Melbourne.
The superyacht’s Gold Coast-based skipper, 54, and engineer, 55, are also in mandatory isolation in the Sunshine State.
Business executive Jeromy Young (pictured) sailed into Queensland to watch the rugby last week with three mates - despite the current lockdown in NSW
The group sailed on the superyacht Dreamtime (pictured) from Newport on Sydney's northern beaches to Southport - despite the lockdown in NSW
The group boarded the superyacht from Newport on Sydney's northern beaches before illegally sailing to Queensland.
The development comes as Queensland government says there is no practical way to means test coronavirus fines for the rich.
Last week Young and the three others in the group boarded the 34.5-metre super yacht Dreamtime, which costs $15,000 to charter overnight, and sailed from Sydney to Southport in defiance of Queensland's ban on arrivals from Sydney.
The group then went to the Wallabies versus France rugby international in Brisbane at Suncorp Stadium.
Mr Young and the three others on the vessel have since copped individual fines worth $4100. But social media users have chimed in, pointing out a fine of that size is small change for the wealthy.
Deputy Premier Steven Miles says there's not much he can do to ensure financial penalties correlate to people's bank balances.
'I don't think there is a way to means test penalties, which is what you'd need to be able to do to make the penalty an appropriate deterrent in those circumstances,' he said.
Share this article
He said $4,000 was still a pretty big fine 'for most of us'.
'Certainly that would be a deterrent for me,' Mr Miles added.
'And you've also got to remember, these people are now going to have to spend two weeks in hotel quarantine and as much as we try to make hotel quarantine as comfortable as possible, it's certainly nothing like sitting on a super yacht.'
There have been no positive coronavirus tests associated with the super yacht.
Atomos has issued a statement saying Mr Young stepped down as CEO in February and his trip to Queensland was 'a personal matter'.
The ASX website still lists Mr Young as an executive director of the company.
'Atomos fully supports appropriate measures to maintain Covid-19 safety,' the company posted on its Facebook page.
Atomos sells monitors used by video professionals enabling them to produce high quality content for social media, YouTube, TV or cinema.
The company is based in Melbourne with global offices in the USA, Japan, China, the UK and Germany.
Tech guru Jeromy Young (pictured) was busted sneaking into Queensland on a luxury superyacht to watch the Wallabies last week - he and three others were fined $4100 each - small change for Young, who sold stock worth $10 million earlier this year
