He was jailed for two-and-half-years in 2005 alongside fellow directors Ray Williams and Brad Cooper after the $5.3 billion collapse of HIH Insurance.
But disgraced businessman Rodney Adler looked completely unrecognisable during a rare outing on Saturday.
The 66-year-old, known within the business community by his nickname ‘Rocket’, was spotted completing a workout in Vaucluse.
Adler was dressed in comfortable black shorts and white sneakers as he went for a jog at a local park.
The disgraced businessman appeared exhausted as he sat down on a park bench during the workout.
Adler was then seen completing a series of bizarre stretches while holding the edge of the bench.
Disgraced businessman Rodney Adler looked completely unrecognisable during a rare public outing on Saturday
The 66-year-old, known within the business community by his nickname ‘Rocket’, was spotted completing a bizarre workout
Adler took over the role as CEO of FAI from his father Larry in 1988, at just 29.
The group was founded by his father, who went on to became one of the nation’s top businessman despite arriving off a boat from Hungary in 1950 without a dollar to his name.
He was educated at Sydney’s prestigious Cranbrook school where he counted James Packer and Jodee Rich among his classmates.
Packer and Rich would go on to be involved in the creation of communications firm One.Tel, a company of which Adler later became a director.
In 2001 One.Tel was placed into administration.
Three years earlier in 1998 Adler oversaw the takeover of FAI by HIH, before going on to take up the role as director of HIH just months later.
But his world came tumbling down in the early 2000s when HIH collapsed, losing up to $5.3 billion for investors while pocketing $2 million for himself.
In 2005 Adler pleaded guilty to four charges relating to the company’s collapse and despite facing up to 20 years in jail, spent the minimum two-and-a-half behind bars.
Adler was dressed in comfortable black shorts and a pair of white sneakers as he went for a jog in Vaucluse
He also had a white T-shirt tucked into the side of his shorts
He was then seen completing a series of bizarre stretches while holding the edge of the bench
Adler was jailed for two-and-half-years in 2005 alongside fellow directors Ray Williams and Brad Cooper after the $5.3 billion collapse of HIH Insurance
He also paid a total of $8.9 million in fines for himself and Ray Williams
Adler and wife Lyndi were regulars on Sydney’s social scene, often making large philanthropic donations – particularly within the Jewish community
He was banned from sitting on the board of any companies until 2021 as part of his 2005 punishment
The businessman currently operates a money-lending business and works out of an office in Sydney’s CBD
He also paid a total of $8.9 million in fines for himself and Ray Williams.
Up until this point Adler and wife Lyndi were regulars on Sydney’s social scene, often making large philanthropic donations – particularly within the Jewish community.
Mrs Adler and the couples four children – Jason, Romi, Natlaie and Charlotte – stuck by the disgraced businessman throughout his time in prison.
In a rare interview in 2015, Adler spoke of his time behind bars and told how he felt he was continuing to pay for his crime.
‘Punishment for white-collar crime is the punishment that keeps giving and giving… if I were a blue-collar criminal I’d go home and people would forget,’ he told The Australian.
‘No one remembers me for the good things I did and still do. Philanthropy is a big part of Lyndi’s and my life.’
The businessman currently operates a money-lending business and works out of an office in Sydney’s CBD.
He was banned from sitting on the board of any companies until 2021 as part of his 2005 punishment.
