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, 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 24 April 2001, just hours after speaking to the executive chairman of Impulse, Gerry McGowan. The trade resulted in a profit of $2,664.94.
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 Complex, Rivkin collapsed and was hospitalised.
Read more about this topic: Rene Rivkin
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