HIH director Fodera faces jail
Former HIH director Dominic Fodera is almost certain to receive a jail sentence after a prosecutor argued last week he should serve nearly three years for his actions. Mr Fodera was found guilty last month of a criminal charge relating to the omission of important information from an HIH prospectus.
At a sentencing hearing last Thursday, prosecutor Alan MacSporran, SC, said because Mr Fodera had not entered a guilty plea or co-operated, his minimum sentence should be two years and nine months.
But Mr Fodera’s barrister, Paul Ellis, argued his client had already suffered much hardship, including public scrutiny, seven years of unemployment, a royal commission and delays in charges against him.
Mr Fodera, the seventh HIH executive to be found guilty of playing a part in the collapse of HIH, is due to be sentenced on June 7.
Last month former HIH Chairman Geoff Cohen began a committal hearing over allegations he gave misleading information to shareholders about a $200 million payment from Allianz in 2001.
And former HIH director Rodney Adler is facing new legal action from nearly 3000 former shareholders who say the jailed entrepreneur dudded them into buying HIH shares.
Sydney lawyer Bruce Dennis has launched a civil suit against Mr Adler in the Federal Court on behalf of 2777 shareholders who lost a combined $65 million when HIH failed.
At a sentencing hearing last Thursday, prosecutor Alan MacSporran, SC, said because Mr Fodera had not entered a guilty plea or co-operated, his minimum sentence should be two years and nine months.
But Mr Fodera’s barrister, Paul Ellis, argued his client had already suffered much hardship, including public scrutiny, seven years of unemployment, a royal commission and delays in charges against him.
Mr Fodera, the seventh HIH executive to be found guilty of playing a part in the collapse of HIH, is due to be sentenced on June 7.
Last month former HIH Chairman Geoff Cohen began a committal hearing over allegations he gave misleading information to shareholders about a $200 million payment from Allianz in 2001.
And former HIH director Rodney Adler is facing new legal action from nearly 3000 former shareholders who say the jailed entrepreneur dudded them into buying HIH shares.
Sydney lawyer Bruce Dennis has launched a civil suit against Mr Adler in the Federal Court on behalf of 2777 shareholders who lost a combined $65 million when HIH failed.