Adler faces possible jail

by Peter TruteFebruary 16, 2005
From The Australian
http://www.theaustralian.news.com.au/common/story_page/0,5744,12266963%255E1702,00.html

FORMER high-flying businessman Rodney Adler faces a possible jail term after pleading guilty to charges including dishonesty and making false statements in his time as a director of failed insurer HIH.Adler's surprise guilty plea today came on what should have been the first day of an expected four-week jury trial in the New South Wales Supreme Court.

Sitting in the dock, Adler spoke quietly but clearly and displayed no emotion as he answered "guilty" to each of four charges read out.
Adler, who was banned in 2002 from being a company director for 20 years over trading in HIH shares, stands convicted of two criminal counts of disseminating false information arising from the same transactions.

Last year he lost a High Court bid to have the criminal proceedings permanently stayed on the basis he had already been penalised with the ban.

The 44-year-old is also now guilty of two new charges of being intentionally dishonest as an HIH director to obtain $2 million from the insurer for a company of which he was chairman, and of making false statements to obtain the money.
Each of the four charges carries a maximum penalty of five years' jail and fines ranging from $22,000 to $110,000.