Another Hih Man Heads To Jail
Sydney Morning Herald
Friday June 8, 2007
DOMINIC FODERA, former chief financial officer of collapsed insurance company HIH, was sentenced yesterday to two years in prison for a "material omission" of information from a prospectus which sought to raise $155 million from investors.
The money was intended for the takeover of the FAI Insurance Group. A jury had found Fodera guilty in April of failing to disclose important details of a transaction between HIH Holdings (NZ) and underwriter Society Generale, which reduced the risk to the underwriter.Fodera, 47, was given a three-year sentence, but Supreme Court Justice Megan Latham ordered that he be released on a good behaviour bond in May 2009. She suppressed further details of the sentence yesterday pending the outcome of other proceedings.
© 2007 Sydney Morning Herald
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