RENE RIVKIN - Famous Bipolar Stockbroker
Rene Rivkin was a famous Australian stockbroker. He was born on June 6th, 1944 in China. He was a well known investment advisor and an entrepreneur. He also had a chain of investments on his own. Rivkin established a reputation for himself as the youngest member of the Australian stock exchange. His publication, the Rivkin report became popular and well acclaimed as it produced accurate information on which shares and stocks are likely to rise or decline in value as well as advice on which stock to buy at which period of time. His conviction in the Qantas share case also made headlines. Rivkin was also famed for his extravagant lifestyle. He bought expensive flashy cars, dress in the most expensive clothes and jewelry and used expensive perfumes.
Rivkin Attended Sydney Boys High School on Moore Park and then proceeded to the University of Sydney where he studied law. Rivkin became Australia's most famous stockbroker and published the Rivkin Report, in which he would advise what stocks to buy and sell, and provide market analysis. In spite of his success, Rivkin also went through a lot of difficulties. As a response to the stock market collapse, he sold his share in Rivkin James and Capel. He then invested in a production plant, which caught fire later on. An investigation by the Australian Securities and exchange commission found out that Rivkin bought 50,000 shares in Qantas on behalf of Rivkin Investments after getting information from someone in Qantas. Rivkin bought the shares a few hours after speaking to Gerry McGowam, Executive Chairman of Impulse at Qantas, who disclosed some confidential information to him.
He was handed a nine month sentence, which he was to serve on weekends.
The shares yielded a dividend of $2,664.94. Rivkin also suffered a brain tumor for which he underwent a surgery.
Rivkin was diagnosed with bipolar disorder. He suffered bouts of depression which sometimes made him cry uncontrollably. He was put on the Prozac drug, but the dosage had to be increased gradually as his illness progressed. He had a very poor self image as a child and often isolated himself from his peers. He only gained self confidence after becoming a successful stockbroker. Rivkin also suffered meningioma during his trial and had to undergo surgery before the trial ended. He also spent time at Long Bay Psychiatric Hospital during his trial. He collapsed two days after his conviction and was hospitalized. Rivkin's conviction and subsequent banishment from the stock market may have worsened his condition. To make matters even worse, his wife of many years obtained a divorce just after his release from jail. Rivkin got so depressed he committed suicide when on a visit to his mother.
Rivkin's childhood was characterized by emotional difficulties as his father was reported to have committed suicide when he was young.
Rivkin was raised as a Jew and maintained that ethical standard. He was however an atheist in practice. Though much is not known about his wife, Rivkin was known to have been divorced sometime.
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