Adam Blumenthal pulled into the upscale Sydney harbourside suburb of Double Bay in a fancy 4WD last month. He crossed the street toward the shops, talking on the phone and dressed in shorts, as the holiday period beckoned.

Why wouldn’t the 36-year-old stockbroker be relaxed? After all, Mr Blumenthal had just reached an agreement with the corporate regulator, admitting to market rigging, and had only faced civil penalties.