Profile of Rene Rivkin on Famous Like Me

Rene Rivkin (6 June 1944 - 1 May 2005) was an Australian entrepreneur and stockbroker.

Rivkin was the famous stockmarket "guru" from Australia. Becoming a stockbroker at a young age, his greatest love in life was playing the markets. Thousands of savvy investors subscribed to his publication known as the Rivkin Report, in which Rivkin would advise what stocks to buy and sell, and provide market analysis. Rivkin was a self-made multi-millionare known for his flamboyant style and extravagant collections of art and classic cars. Known for his ever-present worry beads and his chain cigar smoking, Rivkin suffered from bipolar disorder. Rivkin was born in Shanghai, China. His parents emigrated from Russia to Australia in 1951. Rivkin was Sydney based, and attended Sydney Boys High School. After high school, Rivkin completed a law degree from the University of Sydney and went on to become the youngest ever member of the Sydney Stock Exchange. Rivkin is remembered as a former 'high-flyer' whose rapid fall from grace undoubtedly triggered his 2005 suicide.

Conviction for insider trading

In April, 2003, following a long running campaign by the Australian Securities and Investments Commission (ASIC), he was found guilty of insider trading after having purchased 50,000 Qantas which resulted in a $346 profit. Rivkin was sentenced to nine months of periodic detention. His sentence was delayed so he could undergo urgent surgery for a malignant brain tumour.

His nine month 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. Despite critics accusing Rivkin of deliberately avoiding jail, it was apparent that Rivkin was in extremely poor health. During this time he was hospitalised for pancreatitis, deep vein thrombosis (DVT)and major depression. 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. Rivkin's serious health concerns meant weekend detention stints were often delayed for weeks at a time, with the case receiving massive Australian media coverage.

Media critics attempted to link Rivkin to the Offset Alpine Press Group fire in 24 December. However, a subsequent police investigation concluded that the fire was caused by a staff barbecue held that afternoon.

Death

Banned for life from having a stockbroking licence following the serving of his sentence, Rivkin became a virtual recluse in his Point Piper, New South Wales mansion. He later moved to the penthouse apartment home of his elderly mother elsewhere in Sydney and was found dead there on 1 May 2005, presumably having killed himself. Rivkin is survived by his former wife Gayle and five children. Two of his sons continue to operate the Rivkin Group in Sydney.

Rivkin is believed to have died from an overdose of prescription pills. In a 2001 60 Minutes interview he had expressed his desire (as a staunch atheist), to be cremated, saying he 'didn't want his family coming to worship a piece of concrete'. And so, he was cremated.

Biography

• Main, Andrew (2005) Rivkin, Unauthorised: The Rise and Spectacular Fall of an Unorthodox. HarperCollins: Sydney. ISBN 0732280893

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