Rene Rivkin

Rene Rivkin

Rene Rivkin (6 June 1944 in Shanghai, China – 1 May 2005 in Sydney, Australia) was an Australian entrepreneur, investor, investment adviser, and stockbroker. He was a multimillionaire 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 to Russian-Jewish parents.Fact|date=October 2008 The family emigrated to Australia in 1951.Fact|date=October 2008 Rivkin attended Sydney Boys High School and completed a law degree from the University of Sydney.Fact|date=October 2008 He went on to become the youngest ever member of the Sydney Stock Exchange.Fact|date=October 2008

Career

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 of insider trading after having purchased 50,000 Qantas 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 on weekends. His sentence was delayed so he could undergo urgent surgery for a meningioma. His period of custody was punctuated with time served at Long Bay Psychiatric Hospital. After serving two days of his sentence at Sydney's Silverwater Correctional Centre, Rivkin collapsed and was hospitalised. More controversy followed when a fellow detainee was paid by The 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 2008

At 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 2008

Death

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 on 1 May 2005.Fact|date=October 2008

Further 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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