Mr Rodney Stephen Adler today appeared in the Downing Centre Local Court charged with three counts of stock market manipulation and two counts of false or misleading statements in relation to securities.
The Australian Securities and Investments Commission (ASIC) alleges that Mr Adler contravened the Corporations Act in relation to stock market manipulation with the purchase, in the name of Pacific Eagle Equities Pty Ltd, of 1,873,661 HIH shares on 15 June 2000, 951,339 HIH shares on 16 June 2000 and 425,000 HIH shares on 19 June 2000.
The charges of false or misleading statements in relation to securities relates to information disseminated by Mr Adler on 19 June 2000 and 20 June 2000 that he had bought for himself 1,873,661 HIH shares on 15 June 2000 and 951,339 HIH shares on 16 June 2000.
The matter will next come before the Downing Centre Local Court on 18 February 2003.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions.