mitigation, citing that he had not sold any of his own shares, or personally benefitted from his actions. Stock market manipulation Criminal charges for stock market manipulation were laid against Adler after an investigation by the Australian Securities & Investments Commission (ASIC) into the purchase of HIH shares by Pacific Eagle Equities Pty Ltd, an Adler-controlled company. Pacific Eagle Equities purchased 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 with HIH funds after Adler persuaded Ray Williams to shift $10 million from HIH to Pacific Eagle Equities. Adler's defence team negotiated with the Commonwealth Director of Public Prosecutions to drop charges of stock market manipulation in exchange for a guilty plea to other charges. Disseminating false information Adler attempted to induce investors to purchase HIH shares by telling a finance journalist on 19 June 2000 and 20 June 2000 that he had purchased 1,873,661 HIH shares on 15 June 2000 and 951,339 HIH shares on 16 June 2000 for himself. Adler also told the journalist that he believed the share price for HIH was undervalued and presented an opportunity for a quick profit. Intentionally acting dishonestly In October 2000, a company in which Adler had an interest, Business Thinking Systems (BTS), was in financial trouble. Adler sought a $2 million investment from HIH. Williams had been told by Adler that the company had raised $2.5 million, which it had not, and that Adler was prepared to invest $500,000, which he had no intention of doing, if HIH invested $2 million in BTS. HIH executive John Ballhausen was then told by Adler that he had invested the $500,000. The HIH board discussed and approved the $2 million investment in BTS in a November 2000 meeting. Adler attended the meeting and failed to disclose his financial interest in the business. Nor did he disclose his knowledge of its financial affairs. In April 2005 Adler was sentenced to four and a half years in prison. On 13 October 2007 at 8:30 a.m., Adler was released from the St Heliers Correctional Centre in the Upper Hunter Valley on parole, after serving two-and-a-half years of his sentence. However, in November 2007, he faced court in a NSW civil case related to bonuses he recommended for executives of the failed telco One.Tel. Adler was on One.Tel's remuneration committee. Other charges On 15