In 2005 he was imprisoned for a minimum of two years and nine months for filing false financial statements and failing his duty as a director.
[5] Chief Justice Wood found in his judgement during the 2005 Royal Commission that Williams did not seek nor gain any financial advantage for his business mistakes nor was his criminal negligence the result of any deliberate deception.
[6] In the years prior to the HIH collapse, Willams transferred millions of dollars into his wife's name, which was used to purchase a luxury mansion and other property, assets and investments.
The demise of HIH Insurance was Australia's biggest corporate collapse, and was the subject of a Royal Commission which led to the charges against Williams and his associates.
Newspapers reported Williams was looking forward to retiring in the Sydney suburb of Seaforth, where his wife, Rita owns a luxury home.