Rodney Adler
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| Rodney Adler | |
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| Born | August 19, 1959 |
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| Nationality | Australian |
Rodney Stephen Adler (born 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.
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[edit] 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.
He is married to Lyndi and has four children: Jason, Romi, Tali and Charlotte. [1]
[edit] Business
The case relates to a series of stock trades Mr Adler made in mid-2000 with HIH funds, 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.
The trades involved the company Pacific Eagle Equity of which Rodney Adler was the sole director and beneficiary. In 2004, Adler bought close to $4 million worth of shares, in at least 3 separate transactions. The transactions had an inflationary effect on HIH's share price.
Adler was originally imprisoned in a low security facility but was subsequently moved to the higher security Bathurst Jail when it was discovered he was conducting prohibited business transactions from his cell.
[edit] Prison
On 13 October 2007 at 8.30 am, 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, spending time in nine different correctional facilities. Adler was reunited with his wife, Lyndi, and their four children at their mansion in the eastern Sydney suburb of Vaucluse. Adler described the prison system as "Darwinian, degarding, outdated, boring and pointless" in an exclusive article written for The Bulletin magazine in December, 2007. [1] Despite walking free today, Adler's legal woes are not over. In November 2007, he will face court in a NSW civil case related to bonuses he recommended for executives of the failed telco OneTel. [2].
He had been made a member of the Order of Australia in 1999, but as a result of these matters, he surrendered his membership of the order. [3]
[edit] External Links
ASIC v Adler (2002) - Corporate Law Judgments
[edit] References
- ^ Adler, Rodney. "From the inside", The Bulletin, 11 December 2007, pp. 20-26. Retrieved on 2008-01-10.
- ^ Rodney Adler released from jail. Fairfax (2007-10-13).
- ^ Herald-Sun: Billionaire Richard Pratt surrenders Order of Australia awards
