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Rivkin Investments – 50,000 Qantas shares on April 24, 2001,
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Date Posted: 18/10/10 21:22:17
Rene Rivkin
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Rene Rivkin
Born Rene Rivkin
6 June 1944(1944-06-06)
Shanghai, China
Died 1 May 2005 (aged 60)
Darling Point, New South Wales
Charge(s) Insider trading
Penalty 9 months periodic detention (on weekends)
Status Dead
Occupation Stockbroker
Parents Walter Rivkin
Rene Rivkin (6 June 1944 – 1 May 2005) was an Australian entrepreneur, investor, investment adviser, and stockbroker. He was a well-known stockbroker in Australia for many years until his conviction for insider trading.
Contents [hide]
1 Early life
2 Career
2.1 Conviction for insider trading
3 Death
4 Further reading
5 References
6 External links
[edit] Early life
Rivkin was born 6 June 1944 in Shanghai, China to Russian-Jewish parents in what was then Japanese-occupied China. His father, Walter, was a Georgian-born trader who had fled to China in the 1920s to escape the Bolsheviks. The elder Rivkin had also once been a champion boxer in Shanghai.[1] The family emigrated to Australia in 1951.[2] Rivkin attended the selective Sydney Boys High School in Moore Park. In accordance with his father's wishes, he went on to study law at the University of Sydney.[3] He went on to become the youngest ever member of the Sydney Stock Exchange.[citation needed]
[edit] 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.[citation needed] He was an investor in the plant that was destroyed in the Offset Alpine fire.
[edit] 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.[4]
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.[citation needed]
[edit] Death
Banned for life from having a stockbroking licence following the serving of his sentence, Rivkin lived quietly in his Point Piper mansion.[citation needed] After his divorce, he later moved to the Darling Point home of his elderly mother. Rivkin took his own life on May 1, 2005 at his mother's apartment.[5]
[edit] Further reading
Main, Andrew (2005) Rivkin, Unauthorised: The Rise and Spectacular Fall of an Unorthodox, HarperCollins, Sydney, ISBN 0-7322-8089-3
Chenoweth, Neil (2006) Packer's Lunch: A Rollicking Tale of Swiss Bank Accounts and Money-Making Adventurers in the Roaring '90s, Allen & Unwin, ISBN 9781741145465.
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