- Rene Rivkin
Rene Rivkin (
6 June 1944 inShanghai ,China –1 May 2005 inSydney ,Australia ) was an Australianentrepreneur ,investor ,investment adviser , andstockbroker . He was amultimillionaire and the well-known stockbroker in AustraliaFact|date=October 2008 for many years until his conviction for insider trading.Early life
Rene Rivkin was born in
Shanghai, China toRussia n-Jewish parents.Fact|date=October 2008 The family emigrated to Australia in 1951.Fact|date=October 2008 Rivkin attendedSydney Boys High School and completed a law degree from theUniversity of Sydney .Fact|date=October 2008 He went on to become the youngest ever member of the Sydney Stock Exchange.Fact|date=October 2008Career
Rivkin gained recognition with his publication of the "Rivkin Report", in which he would advise what stocks to buy and sell, and provide market analysis.
Rivkin sold his share of stockbroking firm Rivkin James Capel after an operation to remove a tumour and the 1987 stockmarket collapse.Fact|date=September 2008
Conviction for insider trading
In April, 2003, following a long-running investigation by the
Australian Securities and Investments Commission (ASIC), he was found guilty ofinsider trading after having purchased 50,000Qantas shares after being made aware of information in relation to an impending merger of Qantas and Impulse Airlines. He was charged with using confidential and market-sensitive information, having purchased - on behalf of Rivkin Investments - 50,000 Qantas shares on April 24, 2001, just hours after speaking to the executive chairman of Impulse, Gerry McGowan. The trade resulted in a profit of $2,664.94. [R v Rivkin [2004] NSWCCA 7]Rivkin was convicted and sentenced to nine months
periodic detention onweekends . His sentence was delayed so he could undergo urgent surgery for ameningioma . His period of custody was punctuated with time served at Long Bay Psychiatric Hospital. After serving two days of his sentence atSydney 'sSilverwater Correctional Centre , Rivkin collapsed and was hospitalised. More controversy followed when a fellow detainee was paid byThe Sun-Herald newspaper to illegally smuggle in a mobile phone and take photos of Rivkin.Fact|date=October 2008 Rivkin's health concerns meant weekend detention stints were often delayed for weeks at a time.Fact|date=October 2008At the same time, the
Australian Securities and Investment Commission and the Australian Tax Office continued investigating Rivkin's shareholdings relating to the Offset Alpine affair.Fact|date=October 2008Death
Banned for life from having a stockbroking licence following the serving of his sentence, Rivkin lived quietly in his Point Piper mansion.Fact|date=October 2008 He later moved to the
Darling Point home of his elderly mother and was found dead there on1 May 2005 .Fact|date=October 2008Further reading
* Main, Andrew (2005) "Rivkin, Unauthorised: The Rise and Spectacular Fall of an Unorthodox". HarperCollins: Sydney. ISBN 0-7322-8089-3
ee also
*
List of insider traders References
External links
* [http://www.rivkin.com.au/ The Rivkin Report]
* [http://www.smh.com.au/cgi-bin/common/popupPrintArticle.pl?path=/articles/2003/04/30/1051382003804.html Rivkin found guilty of insider trading]
* [http://www.asic.gov.au/asic/asic_pub.nsf/byheadline/03-170+Rene+Rivkin+sentenced+to+jail?openDocument Rivkin sentenced for insider trading]
* [http://www.abc.net.au/news/newsitems/200505/s1357322.htm Rene Rivkin found dead]
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