The list of HIH-related convictions and jail terms is
now three after former HIH managing director Terry Cassidy was jailed for ten
months today in the NSW Supreme Court.
He will join HIH founder Ray Williams and former director
Rodney Adler after pleading guilty to charges relating to
offences involving HIH or HIH-related companies.

At the sentencing hearing earlier this month, Cassidy’s
lawyer had called for his client not be jailed because
he had agreed to give evidence in other proceedings related to the
failed
insurer’s collapse. But
the prosecution called for the 56-year-old to be sent to jail for
making false statements about the financial health of HIH subsidiary
CIC, something Justice James Wood said was a serious breach of trust.
The full 15-month sentence will be shortened to ten months and Cassidy
will be released next February on a two year good behaviour bond.

Cassidy pleaded
guilty last month to two counts of acting with reckless disregard in making
misleading statements, and one count of failing in his duties as a director.
Each
of the three charges carries a maximum sentence of five years’ jail. The
charge of failing in his director’s duties also carries a maximum $20,000 fine.

Williams
was sentenced to at least two years and nine months for crimes committed while
at HIH, while fellow former board member Adler was jailed for at least two
years and six months.

Williams
is due to be sent to the minimum security Cessnock
correctional facility in the Hunter Valley in the
next few days, while Adler is currently at Long Bay in Sydney awaiting movement
to the Kirconnell correctional facility near Bathurst
in the central west of NSW. It will be a cold winter up there!

Peter Fray

Fetch your first 12 weeks for $12

Here at Crikey, we saw a mighty surge in subscribers throughout 2020. Your support has been nothing short of amazing — we couldn’t have got through this year like no other without you, our readers.

If you haven’t joined us yet, fetch your first 12 weeks for $12 and start 2021 with the journalism you need to navigate whatever lies ahead.

Peter Fray
Editor-in-chief of Crikey

JOIN NOW