Wikipedia:
Rodney Adler |
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Rodney Stephen Adler (born on 19 August 1959) is an Australian businessman and former director of telecommunications company One.Tel and insurance company HIH, both of which collapsed in 2001. He was jailed in 2005 for his role in the collapse of HIH.
Early life
Adler was born on 19 August 1959, the son of a Hungarian Jewish immigrant, Larry Adler, who founded the insurance company FAI in 1960. He was educated at the exclusive Cranbrook School, where One.Tel founder Jodee Rich was a classmate. He obtained degrees of Bachelor of Commerce from the University of New South Wales and Master of Economics from Macquarie University and is a qualified chartered accountant.
Business
The case relates to a series of stock trades Mr Adler made in mid-2000 using HIH money, less than a year before the insurance giant collapsed under a debt of more than $5 billion in what is still Australia's worst corporate disaster.
Mr Adler has already been banned from holding any company directorships for 20 years under civil proceedings relating to the HIH collapse, but the criminal charges could see him put behind bars.
Turns out that company was Pacific Eagle Equity of which Rodney Adler was the sole director and beneficiary. In 2004, Addler bought close to $4 million worth of shares, in at least 3 separate transactions. The transactions were each of half a million, or one million or even two million shares, and had an inflationary effect on HIH's share price.
Release From Prison
On 13 October 2007 at 8.30am, Adler was released from the St Heliers Correctional Centre in the Upper Hunter Valley on parole, after serving only two and a half years of his sentence. Adler was reunited with his wife, Lyndi, and their four children at their mansion in the eastern Sydney suburb of Vaucluse. Despite walking free today, Adler's legal woes are not over. In November he will face court in a NSW civil case related to bonuses he recommended for executives of the failed telco OneTel. Adler was on OneTel's remuneration committee.[1].
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