The widow of flamboyant Sydney stockbroker Rene Rivkin, who committed suicide 18 years ago after serving time in prison for insider trading, has died suddenly.
Gayle Rivkin stood by her husband during his high-profile fall from grace and leaves behind five children, two of whom followed their father into the family business.
Mrs. Rivkin had campaigned for more research and understanding of brain tumors, from which her husband suffered, and was in her early seventies.
Eldest son Damien confirmed his mother’s death to Daily Mail Australia on Friday afternoon.
“We are devastated by the loss of our mother Gayle Rivkin,” he said. “She was a loving and devoted mother and grandmother.
“The family is requesting privacy at this time and will not be making any further statements.”
Gay e Rivkin, the widow of flamboyant Sydney stockbroker Rene Rivkin, who committed suicide 18 years ago after serving time in prison for insider trading, has died. She is pictured in 2004
Rene Rivkin was the youngest ever member of the Sydney Stock Exchange and was named Stockbroker of the Year in 1985 by Business Review Weekly magazine.
He achieved national fame outside of financial circles after compiling the Rivkin Report, a newsletter featuring stock tips and other investment advice, and was often photographed chewing a cigar.
Rivkin was a household name throughout the 1990s. He appeared regularly in the media and mingled with prominent political and business figures before suffering a spectacular downfall.
Fame didn’t bring out the best side of Rivkin, whose public lifestyle seemed to revolve around flashy cars, fast boats and a clique of hangers-on, including many handsome young men and models.
“Some of his friendships in the 1990s were completely different from his friendships in the 1980s,” Gayle Rivkin once said. “He’s discovered a bunch of playmates.”
Rivkin first became embroiled in major controversy after a printing company called Offset Alpine, of which Rivkin was chairman and principal investor, was destroyed by fire in 1993, resulting in an insurance payout of $53 million.
Rene Rivkin was a household name throughout the 1990s. He made regular media appearances and mingled with leading politicians and businessmen before experiencing a spectacular downfall.
Caroline Byrne, the model girlfriend of Rivkin’s chauffeur Gordon Wood, was found dead at the bottom of The Gap in Sydney’s eastern suburbs in June 1995.
Wood was found guilty of Byrne’s murder in November 2008 and spent more than three years in prison before his conviction was overturned in February 2012.
In April 2003, Rivkin was found guilty of insider trading by buying Qantas stock based on market-sensitive information the airline allegedly provided to Impulse Airlines.
Rivkin was sentenced to nine months in prison, but collapsed after just one day in his cell. He underwent brain surgery and resumed his sentence in 2004.
Gayle Rivkin was featured in an episode of Australian Story in July of that year, telling how it had become difficult to live with her husband after he found fame and wealth.
“He became absolutely narcissistic,” she told the program. “Extremely selfish, and he could be quite cruel…he just didn’t care about us like he used to. I think I felt quite unloved.’
Ms Rivkin said she felt relieved every Friday afternoon knowing her husband would be away from the family and in custody for the next two days.
The couple’s four sons — Damien, twins Dion and Shannon, and Jordan — and daughter Tara featured prominently in the episode, but their father refused to appear on camera.
In August of that year, while her husband was still in periodic detention, Gayle helped found the Australasian Brain Tumor Bank at the Royal North Shore Hospital.
Rivkin first underwent surgery for a brain tumor in 1987 and experienced increasingly severe symptoms of frontal lobe syndrome after having a golf ball growth removed in 2003.
“It’s a complicated scenario because we don’t know if it was his frontal lobe syndrome or his bipolar disorder that caused his behavioral problems,” his wife said at the launch of the tumor bank.
“I believe the treatment my husband has received from the press and the legal system is a strong reflection of the general lack of understanding in the field of brain disease.”
Gayle Rivkin is pictured with daughter Tara and Rene Rivkin’s insider trading trial in 2003
After his release, Rivkin continued to exhibit erratic behavior and was undergoing treatment for his bipolar disorder. He spoke publicly about contemplating suicide.
After his first suicide attempt, Rivkin moved from the family’s residence in Point Piper to his mother’s home in Darling Point, where he committed suicide in May 2005.
The 60-year-old’s funeral was attended by about 300 mourners, including former Labor Senator Graham Richardson, radio star Alan Jones, fashion designer Peter Morrissey and convicted drug trafficker Simon Main.
Son Dion, who is now director of business at the Rivkin Report, told mourners at Eastern Suburbs Crematorium, “I’m not sad for him because he’s finally found peace.”
The family had asked that instead of sending flowers, donations be made to the Black Dog Institute, which supports research into depression.
Shannon Rivkin is chairman and chief investment officer at Rivkin Private Wealth, Damien and Jordan are clinical psychologists and sister Tara is an English teacher.
LIFELINE: 13 11 14.
Rene and Gayle Rivkin are pictured with their four sons in 1986, the year after Business Review Weekly magazine was named investment guru Stockbroker of the Year