Former FAI MD and HIH director Rodney Adler was charged this morning with three counts of stock market manipulation and two counts of false or misleading statements in relation to securities.

He appeared in the Downing Centre Local Court and the matter is listed for mention on February 18.

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 3.25 million HIH shares in three transactions over three days in June 2000.

The charges of false or misleading statements in relation to securities relates to information disseminated by Mr Adler on June 19 and 20 that he had bought 2.82 million shares for himself.