Regina v Rodney Stephen Adler [2005] NSWSC 274

Regina v Rodney Stephen Adler [2005] NSWSC 274

The offences were serious deliberate acts of dishonesty showing an appalling lack of commercial morality. The false statements about HIH share purchases were intended and likely to induce others to buy HIH shares and did distort the market. The BTS offences involved deliberate lies to obtain $2m from HIH and dishonest non-disclosure by a director seeking board ratification in his own interests. Although the offender had pleaded guilty, had some mitigating personal circumstances, had paid civil penalties and compensation, and had been disqualified from managing corporations, the seriousness of the offences and the need for general deterrence required full time imprisonment. Counts 1 and 2...

Jurisdiction
Australia
Judgment Date
14 April 2005
Procedural Posture
Criminal Sentencing for Corporations Act and Crimes Act Offences / Sentence Following Pleas of Guilty
Outcome
Sentenced to imprisonment for a total term of 4 years 6 months with a non-parole period of 2 years 6 months.
Legal Topics
['white Collar Crime' 'disseminating False Information Likely to Induce Purchase of Securities' 'obtaining Money by False or Misleading Statements' "dishonest Breach of Directors' Duties" 'general Deterrence' 'guilty Plea Discount' 'non Parole Period']
['criminal Law' 'sentencing' 'corporations Law'] ['white Collar Crime' 'disseminating False Information Likely to Induce Purchase of Securities' 'obtaining Money by False or Misleading Statements' "dishonest Breach of Directors' Duties" 'general Deterrence' 'guilty Plea Discount' 'non Parole Period']

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Procedural Posture

Criminal Sentencing for Corporations Act and Crimes Act Offences / Sentence Following Pleas of Guilty

Legal Issues

  1. 1 ["What sentences should be imposed for two counts of disseminating false information likely to induce purchase of HIH shares, one count of obtaining money by false or misleading statements, and one count of dishonest breach of directors' duties." 'Whether the seriousness of the offences and the need for general deterrence required full time imprisonment.' "How the offender's guilty pleas, prior character, remorse, earlier civil penalty proceedings, and family circumstances should affect sentence." 'How concurrency, accumulation, totality, and the different Commonwealth and New South Wales sentencing regimes should be applied.']

Ratio Decidendi

The offences were serious deliberate acts of dishonesty showing an appalling lack of commercial morality. The false statements about HIH share purchases were intended and likely to induce others to buy HIH shares and did distort the market. The BTS offences involved deliberate lies to obtain $2m from HIH and dishonest non-disclosure by a director seeking board ratification in his own interests. Although the offender had pleaded guilty, had some mitigating personal circumstances, had paid civil penalties and compensation, and had been disqualified from managing corporations, the seriousness of the offences and the need for general deterrence required full time imprisonment. Counts 1 and 2...

Court Disposition

Sentenced to imprisonment for a total term of 4 years 6 months with a non-parole period of 2 years 6 months.

Orders

  • ['On counts 1 and 2, the offender was sentenced to imprisonment for 2 years 6 months on each count, concurrent with each other, commencing 14 April 2005 and expiring 13 October 2007.' 'On count 4, the offender was sentenced to imprisonment for 3 years, partly concurrent and partly cumulative on counts 1 and 2,...