SYDNEY: Australia's highest profile stockbroker Rene Rivkin was sentenced to nine months periodic detention for insider trading yesterday and fined A$30,000.
Rivkin, a widely followed share tipster, had pleaded not guilty to insider trading after buying Qantas shares two years ago when an executive at regional airline Impulse told him Australia's flag carrier was about to buy the airline.
Criticising Rivkin's “arrogant” attitude during the trial, Judge Anthony Whealy said a custodial sentence was needed to deter others from similar actions.
“The community generally would be rightly outraged if a sentence other than imprisonment was imposed,” he said.
However, Rivkin maintained his innocence when entering the court, claiming he was the victim of a witch-hunt. He is expected to appeal against the sentence. – AFP
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