Rodney Adler has lost his bid for a permanent stay of criminal proceedings for allegedly manipulating the stock market.

The Former FAI MD and HIH director was committed on Friday to stand trial in the NSW Supreme Court in July on three charges of manipulating the stockmarket and two of making false or misleading statements in relation to securities.

The charges were brought by the Australian Securities and Investments Commission (ASIC), which alleges Mr Adler breached the Corporations Act by buying more than three million HIH shares in the name of his company, Pacific Eagle Equities, in June 2000.

Mr Adler’s counsel, David Jackson QC, argued that his client had already been punished when he was found to have breached his duties as a company director after ASIC brought civil proceedings against him for the same transactions.

But Justice Bruce James said the civil and criminal proceedings had different purposes.