Disgraced former HIH Insurance director Rodney Adler is appealing against a NSW Supreme Court’s refusal of a permanent stay on criminal proceedings for manipulating the stock market. He argues that he has been punished enough.

In March the court ruled that he should stand trial for manipulating the stock market and making false and misleading statements in relation to securities.

The charges were brought by the Australian Securities and Investments Commission, which alleges Mr Adler breached the Corporations Act by buying more than three million HIH shares through his company Pacific Eagle Equities to boost the HIH share price.

But Mr Adler’s barrister, Jeffrey Sher QC, told the court last week the former insurance executive has been punished enough, and prosecutors would be undertaking “double jeopardy” if the court allowed civil and criminal proceedings to go ahead. “Mr Adler is being punished thrice by an $8 million compensation order, a 20-year disqualification and a $450,000 fine.”

But the crown prosecutor says the cases did not cross over, because the criminal charge is for manipulation of the stock market and the civil hearing is related to misconduct in relation to the collapse of HIH.

The three appeal judges said they would wait for the High Court’s judgement in relation to the failed telecommunications company One.Tel before making a decision.

Mr Adler’s criminal hearing is set for 7 February. If convicted, he faces a maximum of five years’ jail on each count or a fine of $20,000 on each count, or both.